A first budget doesn't need to be complicated. Start with your take-home pay, cover the essentials, save something, and give the rest a plan.
A simple starting split
Some people use 50/30/20: about half for needs, 30% for wants and 20% for savings and debt. Treat it as a starting point and adjust to your rent and costs.
Steps
- Write down your monthly take-home pay
- List fixed bills: rent, utilities, phone, insurance, loan payments
- Set amounts for food, transport and personal spending
- Pick a savings amount and automate it on payday
- Check in after a month and adjust
General educational information, not financial or tax advice. Cents and Common Sense isn't paid by any bank, lender or card company.