Managing Your Budget May 2026

Check your progress weekly to catch overspending early. 🛠️ Step-by-Step Action Plan 1. Calculate Your Net Income Use your take-home pay (after taxes). Include side hustles or freelance earnings. 2. List Your Fixed Expenses Rent/Mortgage: Usually your largest expense. Utilities: Electricity, water, and internet. Insurance: Health, car, and life. Debt: Minimum payments on loans or credit cards. 3. Estimate Variable Costs Groceries: Use receipts from the last month as a baseline. Transport: Gas, public transit, or rideshare costs. Entertainment: Dining out, streaming services, and hobbies. 4. Choose a Budgeting Method 50/30/20 Rule: 50% Needs, 30% Wants, 20% Savings/Debt. Zero-Based Budgeting: Income minus expenses equals zero.

Assign money to specific categories before spending it. managing your budget

Use cash for specific categories to limit spending. ⚠️ Common Pitfalls to Avoid Check your progress weekly to catch overspending early

You cannot manage what you do not measure. Include side hustles or freelance earnings

Daily coffees or apps add up quickly.

An overly strict budget often leads to "binge spending."

What is your ? (e.g., saving for a house, paying off debt, or just tracking) Do you prefer manual entry or automated apps ?