It takes money to make money, so whatever your aspirations may be it is important to get in the habit of budgeting. The good news is that you don’t need to hire an accountant or spend another dime of your hard earned income to do so. All you need to get started is a pencil (pen not recommended) and paper. We prefer setting up a few simple formulas in Excel.
Making a budget is just a way of tracking where your income is going. The best way to do this is to start recording how much you spend on things like food, entertainment, gas, and other daily/monthly expenditures so that you can get a feel for where your money is going. Once you identify your spending habits, you can decide on what changes need to be made to spend less in one area so that you can save more in another.
The sooner you get into the habit of budgeting the easier it will be for you to make decisions and have the flexibility you need to pursue your goals more freely. Sound better than stressing over whether or not to pay the light bill if you decide to start a business? To help you get started, here’s an example of how one budgeted paycheck looks so you can create your own.
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