Perspectives

Budgeting Basics Infographic

Creating a budget may seem like a daunting task, but it’s really not as difficult as it seems.

Some of the major components of a budget include listing your income and expenses, and tracking your spending.

When listing your income, include only your net income or take-home pay, not your gross income. Your expenses should include major items such as rent/mortgage, utilities, food, and clothing as well as periodic expenses such as taxes, insurance and oil changes.

It’s often those less frequent expenses that can sneak upon you and throw your budget off track.

June’s It’s a Money Thing infographic highlights “5 Sneaky Expenses to Keep on Your Radar”.

budgeting-basics-infographic

Don’t forget to include items like these in your budget.

Use our Home Budget Analyzer or GreenPath’s Budget$mart Software to get your budget going. By entering your income and monthly expenditures, both tools can help you can see where you stand.

Have you ever had a sneaky expense throw your budget for a loop? What did you do to work through it and possibly avoid having it sneak up on you again?