Calculate your First Budget Now!

Company Stock photos by Vecteezy

Following on from our prior budgeting advice, here we are going to walk you through our step-by-step guide to creating your first budget!

1. Create a table – Use Excel, Word, or even a piece of paper for this!
2. Along the side, start with the title “Income”.
3. Under this heading, list your sources of income – for example the allowance from your parents, or money from your first job!
4. In the next column along, write down how much you receive per week from each income source.
5. Total these up – this gives you your Total Income! 
6. Now, move onto your expenses – the first thing you should do is set aside some of this money into savings – choose an amount and put it in the column for each week.
7. After savings, move onto your Needs. This could include a new set of pens and pencils, or the money you must pay back your parents/friends.
8. Next up is your Wants – If you have some leftover money, treat yourself to that new hoodie, bag or even a meal out with friends!
9. Create a section for an emergency fund – in case of any unexpected expenses!

Have a look at this table below for some more guidance…