Keeping track of the money you spend isn’t always easy, which is probably why so many people don’t do it. But, everyone should have a monthly written budget whether you’re starting out on your first job or working your way to the top of the corporate ladder. This infographic can be a great budget guide for you.
A few tips can help you build your budget and, in turn, build your savings with this budget guide. The first part is determining how much of your expenses are fixed, meaning they won’t change at all, no matter what. If you can manage it, they should be no more than 50% of your income.
The next 20% should go toward goals you’ve set — getting rid of debt or building for retirement, for example. The remaining 30% is flexible: Use it to eat out, to pursue your hobbies, to take advantage of amusements.
Making and managing a budget isn’t hard, especially with this budget guide. But, the sooner you get started the sooner you’ll be able to meet your goals and live life with less worry. Use the steps in this graphic to work through the details in setting up a budget.
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A Budget Guide for Every Income Infographic