Money Talks E4: Budget Basics

In Episode 4 of “Money Talks,” Lila covers everyone’s favorite topic, budgeting. A budget is a sort of roadmap for how you can can—and should—be spending your money. No two budgets will be alike; follow these steps to create your own.

Important Takeaways

  • Gather your finances—bills, subscriptions, insurances, pay stubs. The latter will help you calculate your monthly income.
  • Create a list of monthly expenses. Include fixed expenses like monthly subscriptions and rent, and variable expenses like groceries and dining out.
  • Subtract your monthly expenses from your monthly income. If you have a negative number, you’ll just need to make some adjustments—starting with your “wants.”
  • Consider how your short- and long-term goals could impact your budget. It’s easier to say “no” to eating out when you’re saving for something you really want.

The hardest and most important part of a budget is sticking to it. But a budget is also very personal, so it should be adjusted along with your needs and goals.

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