Let’s break down budgeting into simple steps.

  1. Write down all of your income
  2. Subtract all of your non-discretionary expenses. A non-discretionary expense is one you cannot live without, such as food, utilities, rent/mortgage, and transportation to work.
  3. Subtract all of your discretionary expenses. A discretionary expense is an expense that you don’t need but you want in your life. This includes eating out, entertainment, and subscriptions.
  4. Track your expenses each month.
  5. Reduce your expenses, specifically discretionary expenses, and aim to save/invest 15% or more of your monthly take-home pay for your future.
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