You also want to budget monthly for annual or semi-annual expenses so that you’re not surprised when those bills are due.įor example, if you pay a $600 auto insurance premium every six months, set aside $100 every month and keep it in a savings account until your next payment.Ĭonsider setting up automatic transfers from your checking account to your savings account for these irregular expenses. Start by going over last month’s statements and recording your bills by budget category: mortgage/rent, groceries, cell phone bill, etc. Next, write down a list of your expenses. Maintaining a budget can help you make sure that your income exceeds your expenses and allows room for retirement savings. This includes your take-home pay (your paycheck after taxes and other deductions) and any other sources of income. The first step is to figure out how much money you’re bringing in every month. Read on to learn about the five steps to a successful budget and download our printable worksheet (PDF file) below to start budgeting the Team Clark way! 1. To help you get started, remember that budgeting is as simple as C-L-A-R-K: After the initial setup, it’s really easy and doesn’t take much time. Making a monthly budget for the first time may seem overwhelming, but it doesn’t have to be complicated. This is about giving you power back into your life.” The CLARK Method: 5 Steps to Better Budgeting “Tracking what you’re spending and then seeing where you can make changes in your life is powerful. But the whole idea of budgeting is freeing because you’re getting your life under control, creating more choices and reducing anxiety,” money expert Clark Howard says. “A lot of people look at being told to do a budget as if their life is being restricted. The CLARK Method and our free budget worksheet will put YOU in control of your money: We developed a 5-step plan to help you create a personal budget and stick to it over the long haul. The secret to saving more and spending less every month isn’t a secret at all - it’s a budget.
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