Working out a monthly budget?

without knowing how much you spend on each item nobody can say how much you sould set aside.

the only way you can do this is to look how much you spend on each and aportion amounts like that. I sould have thought most of the expenditure would remain the same no matter what you income is for the month.

keep a record in an excel spread sheet for every different regular payment you make and build up a budget plan from that,. That is about all the help i can give

This is what I do for our bi-weekly budget, since we get paid 2x's a month...and I don't need to spend any money on a fancy software. I don't believe in a "hard & fast" percentage rule when it comes to monthly budgeting. The main goal is paying your bills in full, on time, and making sure you have enough left over for saving, and last - spending money.

Get all of your "supplies" together - pencil, calculator, bills, calendar, notebook

Even though you don't get paid the same amount each month, you should at least know if you're going to be able to pay your bills.

Know what your income is for that month;

Write out your bill due dates and amount due;

Plan your payments accordingly;

If you notice that you are spending more on monthly bills than you would like, then cut back in areas if you can. I'm a crazy woman when it comes to cutting our electric and gas bills. It's also greener.

Making a monthly budget seems like an overwhelming and daunting task, but it's really not when you sit down and find what works for you.

Most categories will remain around the same.use a spreadsheet or YNAB or Quicken to see what you've spent over last few months and project a budget from that.

We don't for example, budget for 1/12 of our insurance each month we put it in the month it is due.

The way you work it is up to you.

The foundation of any budget is good bookkeeping. You need to track your income and your expenses. Set up a budgeting worksheet on Excel, or get Quicken. Quicken will be easier to work with, but it will cost about $60. I listed the categories to start below. Add or delete categories as needed. Each column in Excel should be one month. Each row should be 1 expense category. Make sure to reconcile your checkbook each month. Failing to reconcile your checkbook is like having a condom, but not using it.

The only way you can answer this is to go through your check register and credit card receipts for each category for the last 24 months. Add up all the the expenses and divide by 24. Then enter that amount on your budget each month .

There are some items which are a bit harder to budget. For example, you pay for homeowner's or renter's insurance once a year. Take the bill divide it by 12, and add it to your expenses monthly as an accrued item. Some expenses are unpredictable. For example, you know that your car will eventually need an expensive repair, but you don't know when it will happen. Go through your check register for the last 24 months. Add up all the unexpected items and divide by 24. Then enter that amount on your budget each month.

Here is a budget template you can use. Enter income items with a "+" and expenses with a "-". The bottom entry called Surplus/Shortage (Spendable income) should be the sum of all the income and all the expenses. If the bottom entry is a "-", then you need to reduce your expense somewhere

INCOME:

Wages and Bonuses

Interest Income

Investment Income

Miscellaneous Income

Income Subtotal

INCOME TAXES WITHHELD: (enter as a negative)

Federal Income Tax

State and Local Income Tax

Social Security/Medicare Tax

Income Taxes Subtotal

Spendable Income

EXPENSES:

HOME:

Mortgage or Rent

Homeowners/Renters Insurance (actual amount paid)

Property Taxes (actual amount paid)

Home Repairs/Maintenance/HOA Dues

Home Improvements

UTILITIES:

Electricity

Water and Sewer

Natural Gas or Oil

Telephone (Land Line, Cell)

FOOD:

Groceries

Eating Out, Lunches, Snacks

FAMILY OBLIGATIONS:

Child Support/Alimony

Day Care, Babysitting

HEALTH AND MEDICAL:

Insurance (medical,dental,vision)

Out-of-Pocket Medical Expenses

Fitness (Yoga,Massage,Gym)

TRANSPORTATION:

Car Payments

Gasoline/Oil

Auto Repairs/Maintenance/Fees

Auto Insurance

Other (tolls, bus, subway, taxi)

DEBT PAYMENTS:

Credit Cards

Student Loans

Other Loans

ENTERTAINMENT/RECREATION:

Cable TV/Videos/Movies

Computer Expense

Hobbies

Subscriptions and Dues

Vacations

PETS:

Food

Grooming, Boarding, Vet

CLOTHING:

INVESTMENTS AND SAVINGS:

401(K)or IRA

Stocks/Bonds/Mutual Funds

College Fund

Savings

Emergency Fund

MISCELLANEOUS:

Toiletries, Household Products

Gifts/Donations

Grooming (Hair, Make-up, Other)

Miscellaneous Expense

Total Investments and Expenses

Surplus/Shortage (Spendable income)

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