How can I create a budget that works for me?

How can I create a budget that works for me?

Start by tracking your income and expenses. List all sources of income and categorize your expenses into fixed and variable.

What if my expenses are higher than my income?

You may need to cut back on discretionary spending. Identify non-essential expenses that you can reduce or eliminate.

How do I prioritize my expenses?

List your expenses in order of necessity. Essentials like housing and food should come first, followed by savings and then discretionary spending.

Can you suggest a budgeting method?

The 50/30/20 rule is popular: allocate 50% to needs, 30% to wants, and 20% to savings and debt repayment.