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Creating a budget can seem like a daunting task, but it’s a crucial step toward your financial stability. Budgets help you keep track of your expenses, prioritise them and save money for your goals. However, it’s not enough to create a budget once and just forget about it.
Your budget should be reviewed regularly to reflect changes in your financial circumstances and to include any adjustments. Inflation rates in today’s economy. Inflation rates can increase the price of goods and services over time.
By creating a budget that accounts for everything, you can ensure that you’re prepared for any rising costs and easily stay on track with your financial goals. So, let’s go through the steps to create a monthly budget that works for you!
Check your financial situation
To create a budget you can live with, it’s important to first assess your financial situation. To do this, you’ll need to determine your monthly income and expenses and then calculate your net income.
Don’t worry, calculating net income isn’t hard – it’s your income minus your expenses. It…