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For example, if your after-tax income is $3,000, your Needs budget is $1,500. Transportation (including commuter passes, tolls and gas).Food (groceries only eating out goes into the “Wants” category).Insurance (including home/renters, car and health).Utilities (water, garbage, electricity, gas, phone).This Needs budget bucket includes required monthly expenses:
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In addition to that net monthly paycheck, income includes any money from other sources:Īdd up all of money sources. This is the money you have available to spend, after taxes. Many financial experts-and lots of “regular people”-now use this method. This balanced way of budgeting, often referred to as the “50/20/30” approach, was popularized by Harvard bankruptcy expert and now-Senator Elizabeth Warren (D-Massachusetts) and her daughter, Amelia Warren Tyagi. With this minimalist guide on how to make a budget, just split your monthly income into 3 simple buckets, or budget percentages: It can help you save money toward other exciting things, like vacations, holiday gifts and the big one- college tuition.īetter yet, a balanced budget is pretty easy to create.
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A balanced monthly budget can do more than just help you get by. When it’s done in a balanced way, budget planning can be quite freeing and can lower your stress level about money. It brings to mind complicated spreadsheets, mind-numbing math and-perhaps most irritating of all-lots of seemingly random spending restrictions. “Budget” is a simple little word, but it can strike fear in almost anyone.