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What Is The Best Way To Write A Budget

By Carolyn Nichols

Setting yourself up on a budget is a great way make your financial life less difficult to manage. It’s also a good idea to know where your money goes each month in order for you to take care of your expenses. When it comes to how to write a budget, there are different theories but only one way to make sure you’re not surprised by the expenses you don’t normally think about. Here is how you write your budget the correct way.

First thing you need to do is start with all your expenses. It’s important for you to get a list: mortgage or rent, utility bills, license fees, oil changes, car registration, Christmas budget, birthday spending, etc.

You need to include in your budget the things that you spend money on every year. Forgetting stuff like the quarterly or annual expenses will throw your budget off. The second thing you should do is weigh your income against your expenses.

Your work will be easier if you break down all your expenses into monthly expenses. You have to subtract them from your income once you’ve added them all up. The money you have left is what you can use for your savings, entertainment, and other luxuries that are not considered as a necessity.

If the amount that is left over makes you unhappy, then it’s time to look closely at your expenses and see for yourself the things you can live without. For example, perhaps it’s not necessary to have cable television just to watch a single show a week.

How about looking for that show on the internet where you can watch it for free? If you barely use your television, it could be an expense you can throw out. There are many unnecessary things and expenses that are usually included in our budgets. Look closely and figure out anything that you can live without and get rid of it.

The last step is to figure out how much on entertainment are you willing to waste each month. Aside from it being a luxury, it’s also your movies, enjoyment and way of relaxing. You can still have a great time even if you make many cuts. Vacations, general savings and emergencies are some of the things you might be saving money for. All these tips are useful when it comes to how to write a budget the correct way and it’s important not to leave anything out.

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Article Citation
MLA Style Citation:
Nichols, Carolyn "What Is The Best Way To Write A Budget." What Is The Best Way To Write A Budget. 26 Aug. 2010. uberarticles.com. 10 Jan 2015 <http://uberarticles.com/finance/what-is-the-best-way-to-write-a-budget/>.

APA Style Citation:
Nichols, C (2010, August 26). What Is The Best Way To Write A Budget. Retrieved January 10, 2015, from http://uberarticles.com/finance/what-is-the-best-way-to-write-a-budget/

Chicago Style Citation:
Nichols, Carolyn "What Is The Best Way To Write A Budget" uberarticles.com. http://uberarticles.com/finance/what-is-the-best-way-to-write-a-budget/

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