Are you feeling financially frustrated about not knowing where your money went for such a long time?  If yes, then don’t worry so much! We’ve all been there at some point. A financial budget will make you feel more in control of your finances. We have curated simple but mind blowing steps to help you create your budget in an easy way:

Step 1: know your earnings

The first step to creating a financial budget is to know your income. You cannot create a budget if you don’t know how much you’re earning in a month. This includes all your income or profits and monetary dashes. So, pen your income down and jump with me onto the next step, will you!

Step 2: Trace all your expenses

You don’t know where your money went last month because you probably didn’t keep a record of your expenses or perhaps you did but in the course of the month, you lost track of the things you got. So the second step to creating a finance budget is to track all your expenses— everything you’ve ever bought, every fare you’ve paid, plus those monetary gifts you gave out and bills. After listing, document them.

Step 3: Set your goals

Having documented your expenses, it’s time to set your goals— all that you want your money to do for you in the future, or near future. If, like me, you want to travel round the world and experience different cultures and traditions of the world, then that’s a long term goal and you should fix it into your budget. If you have a course to run in three months time, then spot on! Fix it into your list of goals, darling. Setting your goals and fixing it into your fabulous budget is a super step to an amazing financial life, really!

Step 4: Creating your dream budget

I must commend you for thus far you have come; bravo! This step is that stage you get to create that fancy and fabulous budget you have seen other people have but couldn’t get.  At this point, you know your earnings, your total expenses for the month, and your goals, right?

Now, subtract your total expenses from your income to see what’s left. (It’s best when you spend less than you earn). After that, allocate funds to your goals while ensuring you cover all your necessary expenses— and still have some money left for miscellaneous.

Step 5: Monitor and adjust

Monitor and adjust your budget regularly to ensure you’re achieving all the goals cited.  Congratulations on having a living and working budget, personalised for your dreams.

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