![]() This is a crucial step in creating a budget – calculating the difference between your income and expenditure. Calculate the difference between your income and expenditure ![]() This is to determine the average monthly costs for each expense. Leave nothing out, not even what you spend N5 on (if there’s any such item available in this x3 economy.)Īfter making the list, put in an estimate of what you think you spend on each item. Your budget should include EVERYTHING you remember that you normally spend money on. However, if you earn only from your salary, then that’s fine, state just that. ![]() List EVERYWHERE you’ve made money from in the past few months – side business, monthly vex money from parents (assuming you’re a trust fund kid), etc. If you’re a 9 to 5er, your salary is one income stream to take down. When starting, I’ll advise you don’t create a budget for more than one month, anything more can be overwhelming. I’ll advise you don’t use a pen and paper for this because the day it goes missing, you’ll have to start over. Some people run from the very idea of spreadsheets but a tool that has rows and columns where data can be arranged is just fine. Choose a tool that’s easy to use and accessible. ![]() I’m tempted to type “ duh” because this is an obvious step right? There’s no way to have a budget without actually creating “the place” you’ll detail your income and expenses. Create a budget spreadsheet or use a budgeting app List and calculate all your (net) incomeġ.Create a budget spreadsheet or use a budgeting app. ![]()
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