Budget planner dave ramsey8/16/2023 Write down how much you need for your rent or mortgage, as well as an average for bills like electric and water. After setting aside money for giving and saving (depending on what Baby Step you’re on), start by budgeting for what we call the Four Walls: food, utilities, shelter and transportation. (This is when you’ll use your bank account to get a better idea of your spending.)īefore you can budget for the things you want, you’ve got to make sure the basics are taken care of. Once you’ve got your total monthly income figured out, your next step is to plan for all your monthly expenses. And if you work on commission or have an irregular income, just use your lowest monthly income as a place to start (you can always go up from there). This includes salaries, part-time work, side hustles, stipends, child support, disability, social security-basically any way you get paid each month. Start by listing out all your sources of income. Because you can’t know how much you’re able to spend for the month if you don’t know how much is coming in, right? Okay, ready? Let’s jump in!Įvery budget starts with your income, no matter how much you make. Also, grab a pencil and paper to write out your budget-or you can use a free budgeting app like EveryDollar, which makes it super easy to plug in and adjust your numbers in real time. And a budget helps you do just that by telling your money where to go each month.īut how exactly do you create a budget when you don’t make a ton of money? The same as everyone else: one step at a time.īefore I get into the nitty-gritty, go ahead and have your bank account pulled up for easy access (you’ll need it in a minute). It’s all about working with what you have. Plus, I’ve got some tips to help you save more money and make your paycheck go farther.Įven if you have a low income, you still can (and should) make a plan for your money. I’m going to walk you through how to budget your money with a low income. Maybe you’re just trying to survive.īut no matter how much you make, there are things you can do to feel more in control of your finances. Whether you’re stuck in a low-paying job or you’re battling inflation, I know it can be hard to make progress toward your goals-let alone make ends meet-on a lower income. There just never seems to be enough money.
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