NevaBroke Episode 2: Budgeting

Having a plan for your money is essential. This is what budgeting or a budget is...A PLAN for your money. It is critical that we understand our income and our expenses. What are the fixed expenses you have (i.e.rent, car payments, utilities)? What are your variable expenses (i.e.travel expenses or entertainment expense)? Are you budgeting "fun/entertainment money". Having a plan for your money gives you the power to know where your money is going and it also enables you to have a document to analyze which ultimately gives you more power to make decisions about where you want your money to go. As you grow, your budget should grow with you. You should continue to practice utilizing this tool not only to build your wealth but maintain it. 

Budgeting Steps:

1. Take note of all your income

2. List your expenses (fixed and variable)

3. Cut the "fat" or excess- these are the things you do not use or need like the gym in my situation 

4. Set a goal and plan for your money (Would you like to develop an emergency fund? Pay off your debt? and so forth?)

If you have no idea where to start, use the link to the google sheet below. 

Download Google's Sheet Free Budgeting:

Before I created my own customized budget sheet, I use utilized this template in Google's Sheet. It is a great starting point and provides a visual aid.

https://docs.google.com/spreadsheets/d/1x6B4nKe43NG1dOnDJjz2J_X1cYcwf_zLwGMSNzFfGC4/edit?usp=sharing

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