Budgeting Part 1

Welcome to another Money Monday! Today I wanted to talk a little bit about budgeting. Ever since I was little, I've budgeted my money. I like knowing where every dollar cent is going. Anyway, I just wanted to start with some simple steps toward setting up an effective budget.

1. Know your income, what you spend, and what you want to save.
2. It's recommended that, of your income, you put 10% toward donations, 10% toward savings, 25% toward housing, 10% toward debt, 45% toward living expenses (groceries, utilities, etc.). Read this article for more information.
3. Talk to your spouse about what money you get, where it goes, and your future financial goals (house, vacations, school, etc.). Honesty is key!

I'm not an expert but these are just some of the things that work for me. Have a great Monday!