• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Wednesday, June 7, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
46-How to Create a Monthly Spending Plan to Save Money

How to Create a Monthly Spending Plan to Save Money

Have you purchases and expenses gotten out of control? Read on to learn how to create a monthly spending plan to save money.

by California Business Journal Editorial Staff
A A
Share on FacebookShare on Twitter

Are you finding yourself strapped for cash every month? Do you feel like you’re losing more money each month than what you’re making? If so, then bad spending habits might be to blame.

Shockingly, more than 40-percent of Americans spend more than what they make, which leads them to pay off debt for the rest of their life. That pain could be avoided if they were to start a money spending plan, or budget, for each month.

There are many things to include in a budget, but where to start? Be sure to read below for how to create a monthly spending plan to help you start saving.

1. Start Before the Month Begins

This is the first mistake that most people make. They start budgeting after the month has begun, which means they’ve already spent money before they set a budget.

An effective monthly budget accounts for every. single. dollar. That means that if you make $3,000 a month, then each of those 3,000 dollar bills is assigned to a task. They all have a title and a purpose.

To account for each dollar you make and spend that month, you need to plan before the month begins. If you’re setting a budget for May, start planning it the last week of April.

This will help you gather up essential bills such as your rent, phone bill, and energy bill, which are usually due at the beginning of the month. From there, you can develop a plan for the rest of the money.

2. Add Up Expenses First

As the previous paragraph just alluded to, you must account for all of your monthly expenses first. These are things you’re required to pay such as your rent, car bill, WiFi bill, insurance bills, car insurance bills, etc.

Adding up these expenses first is necessary because it lets you know how much money is off the table from the start. You should act as if the amount of money going towards those monthly expenses never existed.

For example, say you make $4,000 a month on your paychecks. After adding up all your monthly expenses (and checking your math several times), you conclude that they all add up to a total of $1,500. That means you have $2,500 left to work with.

Side note: if you have a lot of debt, then you might want to consider routes of debt consolidation. Be sure to check out Debthunch for more information on what that might look like.

3. Project Your Monthly Income

For some career fields, your monthly income can be hard to project. Unless you’re a salaried worker, you might not know how to correctly predict the money that will be coming in for the month.

Often times you can’t predict the exact amount, so just use a ballpark figure instead. If you’re going to guestimate, then be sure to lowball the amount. That way, if you end up making more, it can always be added down the line.

Remember, you need to project what your income will be after taxes. So the math isn’t as simple as dividing your annual salary by the number of weeks in the year. Be sure to use a previous paystub in order to see how much you’ll make after taxes.

ADVERTISEMENT

4. Check Your Schedule

One of the most important things to realize about budgeting is that every month is going to be different. Some will be busier than others.

For example, there might be things like holidays, birthdays, vacation dates, etc. that will cost money. You need to be accounting for those days as you plan your budget for the month ahead.

When you sit down to do your budget, be sure to keep your calendar close by to look at all of the upcoming events that will cost money.

Also, be sure to plan for things a few months down the line as well. If you aren’t careful, things like Christmas, vacation, and other expensive occasions will sneak up on you quickly. Try saving up a few dollars each month towards those events.

5. Think of Other Prime Needs

Another top priority in your budget should be gradually saving money. Be sure to think of things like building an emergency fund, investing in a 401k, and paying off debt.

This can help you protect your future, even with the uncertainty of what might happen tomorrow. No matter what goes down, you’ll have some finances to back you up.

That all starts by factoring into your budget each month. Don’t get overwhelmed; saving money is a marathon, not a sprint. You shouldn’t have to sacrifice your lifestyle to build up savings

6. Give Yourself Spending Money

A monthly spending plan that doesn’t factor in things like paying for entertainment and shopping isn’t legitimate at all. You’re setting it up for failure from the start.

Be honest with yourself on how much you use each month to entertain yourself and your family. While it might be important to cut back (everyone needs to from time to time), you don’t have to lock yourself in your house to save money.

Moderation is key. Add up all of your entertainment expenses from the previous month (preferably while sitting down) and see where you can cut back.

Create a Successful Monthly Spending Plan Today

Now that you’ve seen all the different ways to plan out your monthly spending plan, it’s time to take action.

Devising a plan is the first step towards success. If you stick to it, this can be a life-altering decision to start taking back control of your finances.

Be sure to browse our website for more articles on budgeting, as well as many other helpful topics.

Tags: accountingarticlescardebt consolidationenergyhonestHow to Create a Monthly Spending Plan to Save MoneyinformationinsuranceinvestingleadsmakingMoneyMonthly Spending Planrentsavingstaxes
ADVERTISEMENT
California Business Journal Editorial Staff

California Business Journal Editorial Staff

Related Posts

Struggling To Make Ends Meet
Practical Solutions That Will Help You When You're Struggling To Make Ends Meet
Employers Do Steal From Employee’s Paychecks2
Do Employers Steal From Employee’s Paychecks
ADVERTISEMENT

CBJ Newsletter

Facebook Twitter LinkedIn Instagram LinkedIn

Advertise With CBJ

Contact Rick@CalBizJournal.com

CBJ Rates and Demographics

ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN
Facebook Twitter LinkedIn LinkedIn Instagram Youtube
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • More Truth About Temu: Is Temu A Chinese Company?

    The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • 30 Best Temu Alternative Apps To Buy from Online

    2 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0

Latest Articles

Photo by cottonbro studio from Pexels

The Rise of Virtual Workspaces: Transforming B2B Operations

A Comprehensive Guide to BetOnline’s Payment Methods

4 Ways To Boost ENT Immunity

The Difference between Data Engineer and ETL Developer

Banking 101

Why This California Researcher is Using Financial Algorithms to Predict Extreme Weather Events

Courtesy: Pexels

The Evolution of Gambling: Exploring the Future of Crypto Betting and Technological Advancements

How to Get 1,000 YouTube Subscribers (for Free!)

Why Music Sounds Better Under the Influence of Cannabis?

How Affiliate Marketing Truly Works

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR