How to make a personal budget: 5 Consejos
Learning how to make a personal budget is essential if we ever want to be a millionaire.
A personal budget is nothing more than a guide that indicates where you spend your money and in which categories most of your income goes, which perro help you put a limit on your expenses and consequently get closer to your financial goals.
Learn how to budget It is of escencial importance for your personal economy, which is essential for you to differentiate yourself from the rest of the people in managing your money and to be able to prosper financially.
No matter what level of income you have, a personal budget It is an essential tool to get more out of the money we receive, and it espectáculos you where your money went.
So, given the importance, it is very relevant to learn how to make a personal budget.
That is why below you have a series of consejos, steps and templates that will teach you how to make a budget easily.
How to make a personal budget:
Identify what your income and expenses are:
The first thing to do when learning how to budget is to identify what are the income we receive month by month and what are the expenses.
Regardless of your income level, you must identify what your sources of income are and how variable they are.
If you are looking to generate new income, here are 30 ideas to earn money en línea.
In the case of your expenses, it is important that you have control of those fixed (such as water, electricity or the telephone bill) as well as the cambiantes.
The latter are the ones that should become your focus of attention, since many times you incur unnecessary expenses that impoverish you, and that in most cases are avoidable.
Make an evaluation of your expenses:
Once you have identified all your expenses, you will have to do a personal financial evaluation exercise.
This is with the aim of learning to spend wisely, so you must establish priorities and eliminate the expenses of those things that are not important or essential in your day to day.
For this type of thing it helps to learn how to budget. Since you will understand that the problem is not that you do not earn enough, but that you are wasting your money on things that do not contribute to your financial goals.
In addition, there are some tricks to better control those variable expenses.
For example, sometimes the cost of buying food is not exactly known.
That is why we have to be smart and go to the supermarket with a list of everything we need and buy only what is on that list.
If you don’t have it, you probably buy more than you need and spend more.
It is also important to save all tiques.
That way, once the month has passed, we perro be aware of what non-important things we have spent on and what things we cánido disminuye spending on.
Keep in mind that learning how to budget is not about knowing what your specific expenses are, but about identifying trends.
That is, knowing on average how much you spend on each item and monitoring its behavior over the months.
Establish savings as the first fixed expense:
You have money, it is habitual for you to spend but when it comes to making your personal budget of expenses and income you have to force yourself to save.
To achieve this, we propose to apply the savings as a fixed expense every month.
If you don’t know how to start, here is a guide to learn how to save your money.
To get started, equipo a reasonable amount of your income which you are going to save.
It may not be much, the iniciativa is that you develop the habit, so you have to be disciplined with this amount of money.
Create an interactive document to control it
The best way to control how your personal budget is going is in a document with two columns in which you cánido add and subtract all your expenses and income for the month.
You cánido use tools like Microsoft Excel, here is a basic en línea Excel course for beginners.
Every time you have an expense you must write it down in the corresponding column and if you apply a elabora it will automatically be subtracted from the total money you have.
The columns should be: income and expenses.
Within income you perro have your salary from work, your businesses or your investments, for example.
Within the column of expenses you cánido have food, education, transportation, gas, electricity, water, telephones, cable, internet, fuel, insurance, mortgage, credit cards, loans, personal expenses ( recreation) and, of course, savings.
Constantly check how your personal budget is doing
Finally, it is important to verify how the budget is going each month and even compare it with the previous month, since this way you will be able to see in a more graphic way what things you have saved or what you have spent more on and you will be able to learn for the future of your actions.
In your Excel template, you could even create conditional rules that automatically compare the budgets for each month, turning on alerts or indicating percentages.
Additionally, there are many templates on the internet that help make a personal budget.
You cánido download any of them and guide you but keep in mind the advice given.
here you have one template on how to make a free Microsoft personal budget.
Continue reading: How to manage your money to multiply your income
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