Budgeting for Beginners

Creating a budget is a fundamental step towards financial stability. Here’s a comprehensive guide for beginners:

1. Understand Your Income

Calculate your total income, including salary, bonuses, and any side hustles. Knowing your income is the first step in budgeting.

2. Track Your Expenses

Keep track of all your expenses for a month. Categorize them into fixed and variable expenses to see where your money goes.

3. Set Budgeting Goals

Determine your financial goals and allocate funds accordingly. This will help you stay focused and motivated.