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Budget Time
If you are reading this you probably have realized that having a budget is a really good idea. Even though it may take some time to put together a rough budget. I have compiled some tips and resources to help you out this ingenious venture.
Young professionals have it tough, especially when it comes to money and budgeting. We are at the age where going out all the time for lunches, dinners, drinks, movies, and shows is a really important part of our culture. [See our lifestyle section]
Usually the first step in budgeting is to see what is going out. I actually prefer to look at it the other way first as in what is coming in. If you do not have a current pay stub but have a job offer check out the paycheck calculator here paycheckcity.com.
Most budgets are done on a monthly basis and I also agree with this as a monthly budget gives maximum flexibility.
Here is an example of a budget designed around Weekly Expendable Income.
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My Monthly Budget Spring 2008
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Income
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Debt
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Monthly
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Expenses
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Monthly
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Day Job -Wkly Net
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$825.00
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Housing
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$980.00
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Cell Phone
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$120.00
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Guard Pay - Mnthly
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$200.00
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Credit Card 1
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$185.00
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Cable
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$100.00
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Credit Card 2
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$225.00
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Electric
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$75.00
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Car
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$415.00
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Gasoline
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$200.00
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Car Insurance
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$120.00
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Taxi/Bus
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$30.00
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Day Job Monthly
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$3,300.00
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Total Income
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$3,500.00
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Total Debt
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$1,925.00
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Total Expenses
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$525.00
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Total Weekly Expendable Income=
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$262.50
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Total Weekly Expendable Income= Total Income - Total Debt - Total Expenses/ 4 Weeks
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This example budget does not take into account a number of different expenses as everyone has different recurring bills. The other big one is SAVINGS!!!! You should always put some portion of your expendable income into a rainy day fund or retirements accounts. Check out our Retirement section for more information.
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