HOW I MANAGE MY BUDGET
By Malik Snowden :
Here are are steps that I am manage my budget
Calculate your net income: Focusing on your total salary instead of net income could lead to overspending because you’ll think you have more available money than you do.
Track your spending: list your variable expenses—those that may change from month to month, such as groceries, gas and entertainment.Tracking and categorizing your expenses can help you determine what you are spending the most money on and where it might be easiest to save.
Set realistic goals: Before you start sifting through the information you’ve tracked, make a list of your short- and long-term financial goals. your goals don’t have to be set in stone, but identifying them can help motivate you to stick to your budget.
Make a plan:Use the variable and fixed expenses you compiled to get a sense of what you’ll spend in the coming months.Then compare that to your net income and priorities.
Adjust your spending to stay on budget: Now that you’ve documented your income and spending, you can make any necessary adjustments so that you don’t overspend and have money to put toward your goals.
You might be surprised at how much extra money you accumulate by making one minor adjustment at a time.
Track your budgeting: Once your budget is set, it’s important to review it and your spending on a regular basis to be sure you are staying on track.
