bro u need a budget
Budgeting is a simple process to build personal wealth month over month.
There are two approaches to creating a monthly budget:
How much money do I need to make to support my expenses?
(FIXED COSTS + MISC SPENDING + MONTHLY SAVINGS = INCOME)
How much money can I save based on my current Income?
(INCOME - FIXED COSTS - MISC SPENDING = MONTHLY SAVINGS
Creating your budget:
INCOME: Calculate your projected monthly income - This is super simple if you are on salary, but if your income changes based on hours/jobs worked you can take the average of the last 12 months or estimate based on future jobs.
FIXED COSTS: Calculate monthly fixed costs - This includes categories such as Rent/Mortgage, Utilities, Insurance, Auto Payment, and any other monthly expenses that are consistent MoM
MISC SPENDING: Understand your monthly personal spending habits for categories such as: Groceries, Meals, Fuel, Entertainment, Shopping, Subscriptions, and any other areas you
MONTHLY SAVINGS: Decide how much money you need to save per month to meet your financial goals
