The first step when building a monthly budget is to determine how much money you make each month. Budgets can also make you more mindful of how you spend money, making it easier to prioritize spending on the things that are important to you while reducing spending on things that aren’t as important. Budgeting for more than you earn in a month means spending savings or borrowing money to make ends meet.Ī budget should make it easier to plan for expenses before they happen, rather than hoping you have enough money to cover essential costs or emergencies.
Ideally, your budget will involve spending less than you make each month, leaving you with money to save. Monthly budgets are popular because many recurring expenses, like rent, utilities, credit card payments and other loan payments occur on a monthly basis.
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