how to make a budget

Original video found at – The following content is created on behalf of Retirement Income Strategies and does not reflect the opinions of Gray Television or its editorial staff. To learn more about Retirement.As a personal financial planning tool, a written, monthly budget allows you to plan for how you’ll spend and/or save your money each month and also keep track of your spending patterns.Though making a budget may not sound like the most exciting activity (and for some, it’s downright scary), it’s vital to keeping your financial house in order as budgets rely on balance.How to Create a Working Budget. Budgeting is a great way to see where your money goes each month. Plus, it also lets you cut back on your spending if you’re outspending your income. A good budget restricts your spending to an amount lower.To make it easier, many utilities offer level-billing programs that can give a consistent monthly payment. Finally, don’t forget to make your emergency fund part of your fixed expenses. Just take as little as 2% or $25 a week to start, but get in the habit of paying yourself first. An emergency fund is the vital tool to making a budget work.Budget . This example shows you how to create a budget in Excel. 1. Enter the different type of income and expenses in column A. Note: On the Home tab, in the Font group, you can use the different commands to change the font size and font style of text. Click on the right border of the column A.Then click "Create a goal" in the inspector, and you can enter the details, like this: Now, click "OK," and the inspector will calculate how much you need to budget each month until June in order to pay the bill. As you can see, if you budget $100 every month, by June you’ll have saved up the $600 needed to pay for this bill. Woot!Creating a budget is needed on your financial journey. However, you need the tools to start. This post includes simple steps for creating a budget in Excel. Speaking of which, in her step-by-step guide to budgeting below, I include a free simple monthly budget template for creating a budget in Excel. I hope you find it useful.Learn how to create a successful budget you can actually stick to with my 7 step recipe to a monthly budget. No more budgets that only last one week! If you following these budgeting steps you’ll.