Home Monthly Budget and Plans P2

Steps to Create a Monthly Budget

Creating a budget requires understanding your financial situation and planning accordingly.

Estimating Income

Start by listing your family’s total monthly income.
Ensure accuracy by including fixed salaries, freelancing earnings, or any other regular income sources.

Categorizing Expenses

Divide expenses into three main categories: essentials, discretionary expenses, and savings.
For example, allocate funds for rent, groceries, and transportation in the essentials category.