How to plan a budget

A budget is a plan for how you will spend your money over a specific period (daily, weekly, monthly, yearly). It helps you track your income and expenses.

Budget planning is simple:

  • Start a budget by gathering your bills and pay stubs: Think about how you spend money beyond paying bills. For example, do you buy coffee daily or pay for education and entertainment? These expenses can add up over a month.

  • Once you have your bills and pay stubs, write down your expenses.

  • Write down your income.

  • Subtract your expenses from your income.

  • If the number is negative, you are spending more than you earn. Look for areas in your budget where you can cut back.

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