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A budget is an estimation of revenue and expenses over a specified future period of time. Budgets can be made for a person, a family, a group of people, a business, a government, a country, a multinational organization or just about anything else that makes and spends money. In this specific situation we are going to create a New Year’s budget.
If you’re a first-time budgeter, here are 12 steps to make the process as smooth and painless as possible.
- Decide to Start a Budget
- Know How Much You Have
- Know How Much You Make
- Know What You Owe
- Determine Your Net Worth
- Determine Your Average
- Recurring Monthly Expenses
- Enter this Information into a Database
- Look at the Bottom Line
- Make Adjustments Accordingly
- Adjust Categories Based on Reality
- Pay Yourself First
- Track, Monitor, and Be Disciplined
If you don’t have a budget, now’s the time to create one. By following the above 12 easy steps, you’ll be on your way to financial freedom and building wealth for the future.
Try to listen to others opinion at the moment of creating your budget.
- Do you have a solid personal budget in place? What has and hasn’t worked for you? Share your best tips.
Welcome to this activity created by Team Leader Mr. Diego Pineda from Coapa Branch. Take note of all the pink words, read the text, watch the video and answer the question in the comment section below.