How to Make a Quick Budget

By nhhunt, eHow Member

Money and Marriage is one of the biggest sources of tension between couples today. By taking some simple steps to communicate and lay out a simple and easy budget you can overcome this unnecessary stress and live a better life.

Instructions

1. Start your easy budget journey by putting all your income into one monthly amount. This should include both spouse's income and ...
... any other sources of income such as interest and dividends. This will be your total Gross Income. Now subtract your taxes and any other withholdings, this will be your net spend able income

Things You'll Need:

• Paper
• Pencil
• Calculator
• List of Monthly Bills
• Pay Stubs

2. Take your net spend able income and multiply it by the following percentages to set up your budget categories:


Housing 32% Food 13%
Auto 13%
Insurance 5%
Debt 5%
Entertainment/Recreation 6%
Clothing 5%
Savings 5%
Medical/Dental 4%
Miscellaneous 7%
Investments 5%
Schooling/Child Care

* if you use this area you must make adjustments to your budget in other areas to make up the difference

3. Now take your monthly bills and put them into these categories to see how they stack up. If you are like most people you will see areas that you spend too much in. This will give you a place to start making changes in your spending habits.

4. If housing, food and auto combined exceed 70% of your net spend able income a balanced budget will be almost impossible.

5. Begin to assess each area of your budget. Are you spending too much in housing? Can you get a cheaper place to live? Do you spend too much on going out to eat? Maybe you need to get a less expensive car. Reality sets in when we see how much we spend and compare that to what we can afford!

6. Start taking the steps needed to make the changes to your spending habits to line up with your new budget. Don't be too hard on yourself. Take small steps and reward yourself along the way for meeting your goals.

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