Will you have any money left over, or do the numbers suggest that you might spend more than you earn? If your estimated expenses exceed your anticipated income, your first financial goal should be to earn more money. Take a look at your anticipated income and expenses for the following year. Consider adding:Īt this point, you should have a rough idea of how much you plan to earn in 2023 and how much you plan to spend. These are the items you buy regularly, even if you don't spend the same amount of money every month.
Once you've determined your fixed monthly expenses, consider your variable monthly expenses. Utilities (electricity, water, cable/phone).You can begin by creating a budget line item for every major monthly expense, such as: Once you've calculated how much money you can anticipate earning in 2023, it's time to start thinking about how much you'll spend. By doing so, you'll be able to manage any changes that may take place over the next year, whether you earn more, less or exactly the same as you anticipated. Recalculate your anticipated income every three months.Other people plan ahead for variances in cash flow, especially if certain months always bring in less income than others. Some people divide their annual post-tax income by 12, giving them a monthly figure to budget from.
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