What are some budgeting tips for beginners?

What are some budgeting tips for beginners?

Start by tracking your income and expenses. Use a simple spreadsheet or budgeting app to see where your money goes.

How do I categorize my expenses?

You can categorize expenses into fixed (like rent) and variable (like groceries). This helps in understanding spending patterns.

What percentage of my income should I save?

A common guideline is to save at least 20% of your income, but adjust based on your financial goals and needs.

Any tips for sticking to my budget?

Set realistic goals, review your budget regularly, and consider using cash for discretionary spending to avoid overspending.