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Lunch bill format for Finance

hello everyone and welcome back to my channel so today I'm going to be sharing with you guys how to create a simple monthly budget a written budget to be specific and I'm using this notebook from Walmart obviously there are a bunch of ways that we could budget such as Excel worksheets and budget apps and other electronic methods but oftentimes it's worth just using a notebook or a regular piece of paper so the first thing that we want to do is calculate our monthly income and we want to only list our take-home pay so that's money after taxes after payroll deductions after retirement if you have money coming out of your checks for retirement this is the money that is going to come home to you and the money that will for sure cross your bank account so you want to budget using the minimum amount that you know you will bring in obviously sometimes with PTO and just picking up different shifts and working multiple jobs we are able to bring in various amounts but we want to make sure we are budgeting using the absolute minimum that we will bring in so for purposes of this video I'm going to be budgeting for or with 2,300 dollars so we want a total data so that math is quite easy but if you need a calculators to do your math then obviously go ahead and do that but one thousand plus one thousand plus three hundred is $2,300 so that is going to be the total income for the month and this can go for any month this is for no month in particular this is just pretty much how to start out step two is to calculate and list all bills and expenses so I like to start with typically I like to start with fixed expenses first those are expenses that do not change from month to month and then I like to go to variable expenses which are expenses that do change from month to month so rent is typically a fixed expense and eating out or personal spending money or gift money is oftentimes categorized as a variable expense but I will tell you that I feel like the best way to do this is to list the most important expenses first so a lot of times that is your four walls so your rent or more is your water your electricity your food budget just start listing your bills and expenses from most important to least important because a lot of times if you're down to you know you've gotten you've gone through all of your bills and all of your more important expenses and you're running a little short on money then a lot of times that means that you may not get to spend fun money for that month or you'll have a little less for fun money or you won't have a lot for eating out so it's important that we're making sure that our four walls are taken care of and we're budgeting for the most important bills in expenses first and foremost so I always like to leave in a miscellaneous category and this is just for unexpected items a lot of times we forget to budget for things I do it all the time I forgot to budget for my friends anniversary gift this month and it just happens so I always like to leave a little bit in miscellaneous and this is just a month budget obviously I don't have childcare or a car payment or some of these other expenses but I just wanted to throw in just some different expenses and not list our expenses so obviously what we need to do now is total up our expenses so that is what you see me doing at this very moment I am adding up the rent water cellphone car payment renter insurance childcare food fun and miscellaneous that gives us a total of one thousand eight hundred and thirty dollars so our next step of course is to subtract our expenses from income so our income is $2,300 our expenses are eighteen thirty and that gives us four hundred and seventy dollars now at this point it is it's essentially crunch time so we have to figure out what exactly we're going to do with that four hundred and seventy dollars or our remaining funds so this is where a lot of people decide on if they want to go ahead and purchase a gift for somebody if they want to go ahead and put some towards savings if they want to go ahead and take a small staycation if they want to go ahead and make an additional debt payment so in this video I am actually giving up the funds just in different categories so I'm not sending all 472 debt or anything like that and I will show you that momentarily it soon as I slide the page up I will show you how I am giving up those funds so I have two hundred going towards savings 30 going towards a gift and an additional 240 going towards the car payment at that point we have spent all of the 470 which is bringing our new remaining balance down to zero I believe that it is absolutely pertinent that we give every single dollar a job and assignment a name and we budget all of our income all the way down to zero and that doesn't mean we take our bank account to zero that just means that we budget for all of our income that is super important because had we not done that then we wouldn't know exactly what to do with the 470 if we just had it just randomly hanging around because nine times out of ten it would go to something that's not important like eating out or shopping or just excess spending I'm another thing that you can do is write in your due dates for your bills I like to use monthly calendars to write in my paintings in my bills but a lot of people just kind of mark whenever their bills are due and that works for them so anyway this is pretty much the end of this video I just wanted to show you guys how to compose a simple monthly budget this is a tried-and-true every dollar zero based budget and this is the method that my husband and I have used over the last couple of years to pay off fifty three thousand dollars of debt and to meet some of our other financial goals and I did use a highlighter of course because I'm just a little bit extra but I could definitely get behind this method of budgeting easily also one less thing that you can do to really be organized with your finances is to maybe just write in all of the expenses that you have for each month all of the regular expenses the irregular expenses birthdays that are coming up trips that are coming up anything that you can write in so that you can prepare yourself for financially so that is it for this video I hope that you guys enjoyed it and you learn from it and I will see you in my next one bye guys