Likewise, if you’re saving for a future vacation, back to school shopping, or Christmas then you’ll want to add these savings categories to your budget as well. People that make 60,000 think they can budget around 5,000/month. This is probably the biggest budgeting mistake I see. Tip: Just because you make 60,000/yr doesn’t mean you have 60,000/yr to spend. If you currently have debt payments, you will need to include those in your budget. Age: 24 (0-2 years removed from college) Income: 60,000. Most budgets are constructed in a tabular format, regardless if it is a travel budget, a personal budget, or other budget plans. Haircuts or Other Personal Care Appointments Step 1: Start by Creating a Tabular Budget Sheet. Then work through the tabs in the worksheet linked above. Following these steps gives you a worksheet you can edit. Below are examples of variable expenses that you will want to include in your budget: First, copy the Monthly Budget Income and Expenses Calculator (see above for the download link) described in How to Complete Monthly Budget Worksheets, above. For instance, you might budget a different amount for groceries from one paycheck to the next. So use the templates provided on this website to create your single-person monthly budget. To prepare a proper monthly budget, you can customize the single person monthly budget templates to suit your financial needs. They won’t necessarily match your budget from the month before. These templates are free to download and easy to use. Variable expenses include bills that will change from month to month. Streaming services (Hulu, Netflix, Spotify, etc.).Below are examples of fixed expenses that you’ll want to include in your budget: You can expect to pay the same amount on these bills or expenses every single month. Fixed Expensesįixed expenses include bills that do not change from month to month. If you’re new to budgeting, then you’ll want to be sure that your budget includes fixed expenses, variable expenses, and debt/savings. Before diving into this particular budget example, you should know a few important things about budgeting. It’s a great way to help you learn how to make budgeting doable so that it’s something you can stick with it in the long run.īy looking over a sample budget, you will likely learn tips and tricks to help make budgeting easier for your family. As an example, if your pay is 2,500 per month. If your housing payment is significantly higher, then consider getting a second job or moving to a less-expensive neighborhood. This is close to the traditional advice of keeping the housing payment to no more than one weeks pay. I totally get it! If you’re a visual learner, you probably want to see a real family’s sample budget so that you will be motivated to tackle budgeting once and for all.Īnd because money tends to be something that most friends don’t discuss, a sample budget is important to help you know if you’re on the right track. Allocate no more than 24 percent of your income for housing. If you’re new to budgeting, then you’re likely searching the internet looking for a sample budget so that you can truly SEE budgeting in action.
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