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What is the best way to develop a personal budget?
Hi and thanks for writing in. There’s no one best way to develop a personal budget. Everyone is an individual, so each person can find the “best way” to develop their own budget. But, there are some steps that everyone can use to find a personal budget that works for them.
o Fixed Expenses—those that you pay the same amount every week or month—things like rent, car payments, savings, or maybe your cell phone. Be sure to Pay Yourself First and put some money into savings every month.
o Flexible Expenses—those that change every week or month—such as gasoline, food expenses, entertainment
o Periodic Expenses—those that only occur once in awhile—something like car insurance that is paid every six months.
Now that you have a budget, give it a try for a few weeks or a couple of months. Most people don’t make the perfect budget on their first try, so make changes if you find the budget isn’t working for you. Reviewing your budget every few months will help you keep a plan that can work for you.
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