Budgeting 101

Budgeting tells your money where to go instead of wondering where it went. It ensures you always have enough money for the things you need. Budgeting also improves your financial health, which can, directly and indirectly, improve your mental, spiritual, and physical health as well. 

How do you create a budget? 

1. Use a spreadsheet, ledger, or notebook 
2. Write down all your sources of income 
3. Write all your expenses (house, car, debt, groceries, gas, etc.) 
4. Subtract your expenses from your income
   • If you're in the negative, that means you're living above your means
   • If you have money left over, you're living within your means
5. You can adjust your lifestyle to increase that margin
   • Cancel unnecessary subscriptions – you don't need all those streaming services
   • Eat out less – you've already bought your groceries, cook at home 

Recommended book: Get Good with Money by Tiffany Aliche   

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