If your income varies a lot from week to week, which is quite common for wait-staff positions, for example, then you'll need to look back for the past few months and determine your average monthly income from this job. These funds can be used to establish a rainy day fund, or to save for larger purchases or retirement. If you can establish a budget and pay your bills without the use of overtime, you'll be way ahead of the game. But if overtime is only given out "as needed", or if the amount of overtime you get fluctuates greatly, it's best to stick with your base pay. If you're reasonably sure that overtime is constant and it won't be reduced in the near future, go ahead and count it. We never recommend counting on overtime when determining your monthly income, although we realize that this can be a major source of income.
This is the easy part, although it can get a bit tricky when considering overtime or fluctuating hours. The very first step in creating a budget is to estimate your monthly take-home income, which is your net income, or the actual amount of your check after taxes and other deductions. Now, let's get started! Step 1: Estimate Your Monthly Take-Home Income Fundamentally, a budget is pretty simple, and perhaps the best way to get started is to use a budgeting worksheet. Whether you choose to budget online or on paper, there are several steps to creating a budget that works for you. The manner in which you budget isn't quite as important as the fact that you're actually doing it.
Home budget spreadsheet spending percentages how to#
But, for others, it's simply because they don't know how to do it properly. For others, it's because they don't see the need for a budget because they don't have "financial problems". So, why are some people reluctant to use a budget? For some, it's the feeling that they will no longer have control over their money and it will inhibit their lifestyle.
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