The typical budget includes Housing (25%), Transportation (20%), Food (10%), Clothes (5%), Entertainment (5%), Savings (15%), Bills(15), and Miscellaneous items (5%).

If you are setting money aside as a savings and have 0 credit card debt and low monthly expenditures then you are on the right path. If you think the budget is impossible then you are part of the problem and changing personal habits is imperative to the survival of your wealth.

The simplest way to prepare your budget is if you’re an employee and not self employed. As an employee you have prior and/or exact knowledge of your income.  If you are self-employed you need to get a little bit ahead so that you can also know ahead of time your “earnings” on a monthly basis.

If your income is not sufficient to pay your expenses with money left over at the end of each month then you need to increase the income however possible or lower the expenses however possible.  These are the facts of life and sometimes life seems impossible but with a little self control and good decision making it will make sense.

*Work in progress – Budget Template (check in at paulinestaxservices.com)

personal budget – for Excel

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