![]() Step 3: Total your expenses and subtract it from your income – If your expenses total more than your income, go back and adjust some of your flexible and discretionary expenses. Budget worksheet – Microsoft Excel file.The worksheet is broken into fixed, flexible, and discretionary expenses to make it easier to see which expenses you can adjust. Step 2: Estimate your expenses – Make categories for each of your expenses and write down the amount you spend each month. Step 1: Add up your income – List all the money you have coming in on a regular basis, then total it. So, with that information, it’s time to create your budget: Examples: CDs, movies, or money that you save.It’s money that you choose to spend, like going to a movie, buying a video game, or even money you put in a savings account. Using coupons or choosing a less expensive brand will save on your grocery bill – you have some control over the amount you spend.ĭiscretionary Expenses – A discretionary expense is not a necessary expense. For example, rent and car payments are fixed expenses – you have to pay a set amount each month.įlexible Expenses – Flexible expenses may also occur regularly but they’re expenses where you have some control over the amount. It’s a necessary expense that occurs regularly that you can’t really control. It’s about being clear on your expenses and making smart decisions.Ī budget is a plan for managing your money so that you can pay your bills and daily expenses, save for unexpected expenses, and achieve future financial goals (like college).įixed expenses – A fixed expense is a cost that does not change from month to month. National Youth in Transition Database – NYTDīudgeting doesn’t mean you have to give up your favorite things.Supplemental Education Transition Planning Program (SETuP).Education and Training Voucher (ETV) Program. ![]()
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