How to Create a Personal Budget

Making a budget and sticking to it is one of the best ways to understand where your money goes every month—and what changes you could make to help you reach your financial goals. 

So, what exactly is a budget? A budget is a plan for the money you have coming in and what you spend your money on. If are able to budget accordingly, you can spend less money on some things and more money on other things.

Instead of viewing a budget as a negative, start viewing it as a tool for success so you can start achieving your financial goals.  When creating a budget, here are a few tips to consider:

-Assess all the money you have coming in. This could include child support payments, disability, SSI, part-time jobs are just some of the examples. 

-Gather all financial information. Try locating receipts from the past year such as shopping receipts, restaurants and

-List all of your monthly expenses. You want to make sure you are being HONEST with yourself or setting up a budget that will work in your favor. This includes rent and other essential bills.

-Adjust your budget accordingly based on what your individual needs are for monthly expenses.

Creating a budget should be on the top of your task list when it comes to financial freedom. Without a plan, how are you going to accomplish the goal? A habit only takes 28 days to form, and you’ll be thanking yourself for years to come. 

If you’re looking for a checking account with no fees and no monthly minimum balance, head over to the Apple Store or Google Play on your mobile device and register for a Dora Everyday Account today! 

What are you waiting for? Your future self will thank you!