How do I set up a budget plan?
Creating a budget plan is an important step towards financial stability. The first step is to determine your monthly income and expenses, including rent or mortgage payments, utilities, food, transportation, entertainment, etc. Once you have this information, create a spreadsheet with the total of each expense category and subtract it from your monthly income to get your net income. Next, decide how much money you would like to allocate for savings each month. This should be based on your goals and needs. Finally, review your budget regularly and adjust as needed.