I keep a monthly budget. To get started, all I needed to know was how much money I earn or receive — that’s called income — and how much I spend — which are called expenses. The goal of a budget is to spend no more than you earn — and even to save some money, if you can.
So every weekend I do chores, babysit my younger brother, and run errands for my parents. Usually I earn $20 per weekend. That means every four weeks, I can budget only $80 — and I can’t spend more than that.
Besides my regular expenses, I also make sure to budget for the computer I’m saving for.
Here’s a page from my 4-week budget.
Alex’s 4-week budget
|Description||Income (+)||Expenses (-)||$ Available|
|Earnings — babysitting and running errands||$80.00||$80.00|
|Savings for a computer||$15.00||$30.00|
|Entertainment / clothes||$20.00||$10.00|
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