07 Mar Knows Guide On How To Budget Your Life
HOW TO BUDGET YOUR LIFE
A lot of people don’t know how to draw up a budget. Here is a guide to help you track your monthly expenses and get on your way to financial freedom. (Not each section will apply to you. If it doesn’t just put in a zero and move on. To help we have included an excel sheet you can DOWNLOAD to make it easier for you to manage.
After taxes, how much money do you earn each month. This includes all steady streams of money that you get (retainers, etc).
Other (trotro/ taxi/ bus)
Personal and Household Costs
Medical Expenses (dental, optical, prescription, medication, etc)
Shows (cinema/concerts, etc)
Now take your monthly income and subtract your expenses from it. Whatever is left over is your discretionary income. If you are in the black, you are doing well. Keep it up and grow your number. If you are in the red, then you are mismanaging your money. You either need to cut down on your spending or increase how much you earn. Only you know what you can cut and what you can’t.