• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
The Budget Diet

The Budget Diet

Earn, Save & Live Smart.

  • Make Money
    • I Made $62,430
    • Rebate & Cashback Apps
    • Surveys That Pay
    • Side Gigs
    • Career
  • Smart Money
    • Saving Money
      • Save $400/mo
      • Budgeting
      • Coupons
    • Loans
      • Personal Loans
      • Auto
    • Bank Accounts
    • Investing
    • Debt
    • Insurance
    • Taxes
  • Smart Food
    • Meal Delivery & Subscription Services
    • Groceries
    • Recipes
    • Dining Out
  • Smart Life
    • Seasonal & Holiday
      • Summer
      • Valentine’s Day
      • Mother’s Day
      • Father’s Day
      • Lent
      • Easter
      • Fourth of July
      • Halloween
      • Thanksgiving
      • Christmas
    • Cheap Dates
    • Frugal Living
    • Cheap Thrills
    • Baby / Children
    • Utility Bills
    • Books
    • Clothing & Accessories
    • Electronics
    • Gifts
    • Health & Beauty
    • Home & Garden
    • Weddings
    • Pets
    • Back to School
    • Home Decor
    • Travel
    • Earth Friendly
  • About
  • Rebate & Cashback Apps
  • Cut Spending by $400 a Month!
  • Investing
  • Recipes
Home » Smart Money » Budgeting » Budget Basics

Budget Basics

Last Updated on December 3, 2013 by The Budget Diet Team

We are a reader supported blog and this page may contain affiliate links. When you buy something or sign-up through our links we may earn a small commission. All opinions in this article are the author's alone.

Do you have a written household budget?

Do you know budget basics?

Do you need some budget tips?

Do you need to save your money?

Here’s your weekly challenge: get your budget out of your head & onto paper! It’s simple, just fill out this budget guide.

Here’s how…just start filling in the blanks! (keep in mind that some income & expenses may not apply to you…e.g. alimony!)

Step 1: Start with total monthly income:

  • Salary

 

  • Spouses salary

 

  • Child support

 

  • Alimony

 

  • Other

 

Step 2: Next, list your monthly expenses:

  • Mortgage/rent

 

  • Insurance (auto, home, life, health, disability,dental, long term care)

 

  • Car payments

 

  • Child care

 

  • Clothes

 

  • Memberships (country club, pool or fitness center)

 

  • Lessons (piano, dance, etc.)

 

  • Cleaning service

 

  • Lawn service

 

  • Pool service

 

  • Loans (home equity, student, credit cards)

 

  • Savings (college, retirement, vacation, emergency)

 

Some expenses tend to fluctuate, so calculate the average monthly expenditure:

  • water / sewer

 

  • electricity

 

  • gas (not for your car, but your home)

 

  • Internet

 

  • Cell Phone

 

  • Phone

 

  • Cable or Satellite

 

Now the fun part…simply subtract your total monthly expenses from your total monthly income.

Take a long, hard look at this number because that’s the amount you should be living on every month…food, fun, gas, dry cleaner & all those everyday expenses! Please keep in mind that the average family of four spends $800 – $1000 per month just on food!

Let’s suppose you have $2000 left to spend. Set aside 30% ($600 per month) for expenses that I refer to as “Oh No” expenses…car repairs, plumber, doctor visit, big gifts, etc. These expenses should not come from your “emergency” savings because these are not emergencies…they are just part of life, & they will come up every month! If you don’t budget for them, you’ll end up going into debt to take care of these expenses.

After you set aside $600 for “oh no” expenses, you’ll have $1400 left or $350 per week…known as “weekly allowance”!

Put your $350 weekly allowance in your wallet…spend wisely because when it’s gone, it’s gone!

Let’s get this budget diet started right now, so you can SAVE YOUR MONEY!

Next Monday The Budget Diet girl is going to put you on a CRASH DIET for your wallet!

Tweet
Pin22
Share7
29 Shares

Related Posts

  • budget buster
    How Are You Budgeting For Unexpected Expenses?

    Another month, another budget buster. Last month your dog swallowed a lego, and the vet…

  • household budget tips
    5 Common Budget Pitfalls

    Is this the year to get your finances in order? Have you put your pen…

  • It's Time For A Budget Diet

    We've just returned from Spring Break...we had lots of fun, ate lots of food, and…

Filed Under: Budgeting, Weekly Challenge

Must Read

7 Ways to Stow Your Stuff on a Limited Space

How I made $62,430 – Ebates

Leave a Reply

  Subscribe  
Notify of

Primary Sidebar

Search

Popular Posts

How to Save Money – 98 Ways to Cut Your Spending by $400 a Month!How to Save Money – 98 Ways to Cut Your Spending by $400 a Month!1M Total Shares
How To Make Oreo Balls Cookie Recipe | No BakeHow To Make Oreo Balls Cookie Recipe | No Bake363K Total Shares
The Cheese Dip That Will Make You Famous!The Cheese Dip That Will Make You Famous!103K Total Shares
How to Tint Bottles and JarsHow to Tint Bottles and Jars70K Total Shares
White Texas Sheet Cake RecipeWhite Texas Sheet Cake Recipe42K Total Shares

Footer

The Budget Diet is all about showing you budget friendly yummy recipes and life hacks that shrinks your budget and earns you money. It’s not just a diet for your wallet…but for your waistline too.

  • About
  • Contact Us
  • Become a Contributor
  • Advertise
  • Free Newsletter
  • Home Decor
  • Organize My Life
  • Parties
  • Seasonal
  • Back to School
  • Christmas
  • Father’s Day
  • Fourth of July
  • Halloween
  • Mother’s Day
  • Summer
  • Thanksgiving
  • Electronics
  • Smart Life
  • Baby / Children
  • Books
  • Cars
  • Clothing & Accessories
  • Health & Beauty
  • Home & Garden
  • Homemade Gifts
  • Pets
  • Travel
  • Utility Bills
  • Weddings
  • Weekly Challenge

Copyright © 2023 The Budget Diet · The Budget Diet LLC
Made with in Seattle

  • Sitemap
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA Information
  • Do Not Sell My Information
  • Affiliate Disclosure
  • Contact Us
wpDiscuz