How to Make a Personal Budget in Apple Pages
It takes great discipline to control your spending. According to Psychology Today, people spend because of instant rewards without thinking of future needs. This will lead them to overspend and not have enough money for more important purposes. If you want to control this irresistible habit, you need to come up with a personal budget. Please be guided by the list of steps and tips we have provided below.
1. Note the Source of Your Income
It's important to check the sources of your income. This can be either be from your monthly paycheck or salary, for example. Apart from citing the sources, take note of the amount as well.
2. Record Your Expenses
Aside from documenting the money coming in, you should also have a list of the money going out. Otherwise known as expenses, these consist of your bills, groceries, transportation, recreation, and others.
3. Compute Your Total Income and Expenses
Your personal budget should allow you to keep an eye on your total income and expenses over a period of time. Before computing these, be sure to set a time frame, minimum total income, and maximum total expense.
4. Start Comparing Results
To determine if you're able to stick to your budget, try comparing your target and actual income and expense. This will assess your budgeting strategy and help you decide if improvements are necessary. To check for gains or losses, you can also compare your total income with your total expenses using an income statement.
What Is the 50/20/30 Budget Rule?
The 50/20/30 budget rule means allocating your money on three categories only. These consist of your needs, wants, and savings (or debt). 50% of your money is allocated to the things that you really need, 20% is for the things that you want, and 30% is for saving.
What Is a Sample Budget?
A sample budget is a budgeting strategy that is developed by someone but is usable or applicable to other people. Most people use this as their guide on how to make their own budget plan with additional help from other sources.
What Does Budget Mean?
A budget is the amount of money that's intended for a specific purpose. People set a specific budget to be used in a particular period. A budget can be set on a daily, weekly, monthly, or yearly basis. Setting a budget is beneficial to individuals, companies, and organizations it allows them to control the flow of their financial resources.
What Is a Budget Plan Worksheet?
A budget plan worksheet contains a list of questions that people answer when planning or setting a budget. These worksheets can be created from scratch or downloaded from the internet.
What Is the Difference Personal Budget and Business Budget?
A personal budget is a plan that a person uses to assess his or her income and expenses. This way, the person can spend his money wisely. A business budget, on the other hand, is a plan used by companies and corporations. This plan elaborates on the revenues and expenditures of a company.