How to Build a Personal Budget in 30 Minutes
Disclaimer: This post may contain affiliate links, meaning I earn a small commission if you make a purchase through these links, at no additional cost to you. Budgeting doesn’t have to be time-consuming or complicated. In just 30 minutes, you can create a simple, effective personal budget to take control of your finances. Let’s get started. --- Step 1: Determine Your Income (5 Minutes) Start by calculating your total monthly income. Include: Salary (after taxes) Freelance or side hustle earnings Passive income (e.g., dividends, rental income) Example: Salary: $3,000 Freelance income: $500 Total monthly income: $3,500 Pro Tip: If your income varies, use an average from the past three months. --- Step 2: List Your Expenses (10 Minutes) Break your expenses into fixed and variable categories. 1. Fixed Expenses: Rent/Mortgage Utilities Insurance Loan Payments 2. Variable Expenses: Groceries Entertainment Transportation Dining Out Example: Fixed Expenses: $2,000 Variable Expenses: $1,200 Pro...