Create a budget that lists your income and expenses now.
After you know where your money is going now, create a new budget. First, figure out the things you must spend money on. For example:
- your rent or mortgage,
- health care costs,
- heat/utilities, and
- money for food.
See Which debts should I pay first? If you have money left over, decide how much you want to save and how much you want to spend on non-essential items.
- Your public library has books to help you create a budget.
- The Consumer Financial Protection Bureau has tools for Tracking your spending, cutting expenses, and income and benefits tracker Toolkits;
- Many non-profit organizations offer programs, classes and offer help preparing a budget.
- Find more community groups that help people prepare budgets.
- See our sample budget with instructions, example and worksheet on MassLegalHelp.org