More or less we all have some jobs to do in order to earn income. No matter what you do, you have to earn and you have needs to spend. You need a personal budget plan so that you are well guided where to spend, where necessary and save what you might spend in future. Having a good personal budget plan will surely help you. If you are really interested in making budget plans for yourself, move along the following set of instructions.
Documentation of all earnings
Make record of all income that you receive in a month. Either from job as salary, rents, as a landlord, pensions, support programs or of any kind. If you have more than one job either list the amount of money you receive or expect to receive in a month. Part-time jobs temporary or permanent list their income accordingly.
It will be better if you make list of income according to sources they come from; e.g., permanent and temporary incomes etc. you have to keep in mind that changes in income sources and amounts may alter your budget pan.
Bills -monthly and annually
First of all make list of your spending on your major monthly bills. In the major bills, rent, housing payment or land rent will come first. Followed by the utilities like food, clothing etc. bills of services like electricity, gas, water vary with the seasons. So, better take averages that you may pay. Annually pay bills like insurance and taxes will come after. Make monthly averages of annually pay bills to make budget allocation easy to predict.
Estimate food appending
Food prices may vary with seasons, supply and more technically inflation. But take the average spending on food based on high prices that you might pay. Because planning with high prices will help you later by giving you margin to save. It will minimize the chance of spending more because you have already considered a high price expected. Saving resulted from prices less than you have considered can be spent in other desirable activities say a fun trip.
We spend on transport, public or private. Make list of trip that you make that are on your routine. Allocate some extra for emergency trips. If you have a pridvate vehicle, list the payments on fuel, maintenance, repairs, insurance etc.
Credit card bills and Loan payments
If you are behind on credit card bills or other loans, find where to cut off from your budget to add here. Make sure you pay for loans every month. If you have low credit score means you have to pay high insurance payments. Being debt free will give you margin in other places to spend.
Everybody has life plans or things you want for your life to make it more desirable. If you want a car or a house or want to visit some place, save from spending even if you have to cut a little joy of daily entertainment. You have to make some short term sacrifices in order to gain long-term benefits. Saving for your dream activity will help you work hard and earn more. Also it will give you a personal satisfaction. It will also encourage you to stick to better planning as you want to save more for lifelong plans.
Everybody needs an advice, whether you are well off or not. If want to really improve your budget plan and want to make it more affective that can make you a wise spender and save you more or you want to increase what goes into your credit card. Seek a professional advice. This can be a credit union or a bank nearby. Professionals are well aware of the individual circumstances and their expert advice can really help you in tackling with a difficult situation seamlessly.