creating personal budget

Why Creating A Personal Budget Doesn’t Have To Be As Painful As Stepping On A Lego

If you’ve never before committed to creating a personal budget, it can be daunting just to begin. But it doesn’t have to be.

No matter your financial situation, there are easy approaches to creating a personal budget that can make a huge impact on your fiscal responsibility. And you can do it all through just a few easy steps — painlessly. Let’s get started!

Creating a Personal Budget in 8 Easy Steps

1. Determine Your Monthly Income and Expenses

First, figure out the amount you are bringing in each month. Be sure to include everything, including your salary and all additional sources of income.

Next, write out your fixed expenses that are the same each month. Those typically include items such as car payments, rent, utility bills, internet/cable/phone bills, and credit card payments. Add up the total amounts of your income and your fixed expenses.

2. Tackle Your Variable Expenses

This is where honesty is important. Take time to outline expenses that crop up in a typical month that can change. Some of these are needs, such as groceries, while others may be more in the wants category, such as gym memberships, TV streaming services, or shopping trips.

A good approach to estimating a month of variable expenses is to look through your bank and credit card statements to find the average amounts for your variable expenses. Create a monthly total for these non-fixed expenses as well.

3. Figure Out Your Spending Habits

Creating a personal budget comes with a bit of self-discovery. While looking through your fixed and variable expenses, group each one into categories such as food (groceries and restaurant visits), entertainment (going to the movies or concerts), and other goods and services (do you spent a lot on coffee breaks or memberships to clubs?).

Add up the totals of your estimated spending under each category. Soon, you’ll start to get a good picture of your monthly spending habits.

4. Start Making Some Financial Goals

Do you want to start saving a certain amount each month just to have general savings, buy a new car or perhaps upgrade to a new living space?

Perhaps you want to have a game plan for paying off your student loans? Write out some of your top financial goals, how much of a financial burden each is, and how long you would like to take to meet your goals.

Creating a personal budget will not only make your current financial situation clearer but set you up for a clearer financial future.

5. Think About Readjusting Your Spending

creating a personal budget

Financial experts have different thoughts on the most effective ways to budget your money each month. One popular approach is the 50/30/20 rule, which means you spend 50% on essentials (such as rent), 30% on nonessentials, and then devote the remaining 20% each month to a savings account.

There’s also the 80% budget rule that many swear by when creating a personal budget. With this rule, you spend 80% of your monthly income on all expenses, with 20% going to savings.

6. Consider Your Debt

Before going with a certain plan, carefully consider how your debt will play a part in creating a personal budget. If you have a heavy debt load, you may want to lower the amount you spend on nonessentials and put more toward savings. Or perhaps you’ll devote 20% or 10% of your income to paying down your debt each month.

7. Figure Out Your Game Plan

Creating a personal budget includes the word “personal” for a reason. It all comes down to your needs and specific financial situation as well as goals. Be honest with yourself about your spending habits and make the types of changes that will actually make a positive impact, even if they’re down slowly at first. You know yourself and what’s most important to you. Go from there.

8. Consider Options for Emergency Assistance

Even those who succeed at creating a personal budget, face emergency financial situations from time to time. When this happens, online payday loans Louisiana has to offer can be an option worth looking into.

What Are Payday Loans?

Payday loans are an unsecured type of loans that allows you to borrow a small amount of cash to last you till your next paycheck. Payday loans online are an option to consider if you’re looking for ways to deal with temporary financial setbacks such as medical emergencies, needed last-minute travels, or unexpected car or home repairs.

online payday loans

Cash Cow offers payday loans online from between $100 to $300. They are easy to qualify for and get cash fast if you’re approved.

At Cash Cow, the required items to qualify for payday loans online include:

  • State-issued photo ID,
  • Your most recent pay stub,
  • Blank check from an active checking account in your name.

The entire online payday loan process is easy and quick. Either online or at one of our store locations, you’ll provide some basic personal information, confirm you have the required items, and go through a simple application process with a friendly loan representative. If you qualify and are approved, you might get your cash in as little as 30 minutes if you apply early in the day and don’t encounter any bank delays.

Here's How to Get Payday Loans Online

  1. Call us directly at 800-514-2274 or fill out a short request form on our website.
  2. Talk to a Cash Cow’s representative from the nearest location when they call you back within a few minutes. They’ll ask a few questions and schedule a meeting with a store associate for you.
  3. Go to the nearest location to meet with the associate and finalize the process. Make sure to bring the required items with you.
  4. Sign a few simple documents to finalize the process and get your cash.

Submit a Request Form for Payday Loans Online Today!

Creating a personal budget is the first step toward financial stability. But if you’re facing a financial emergency and need a little bit of temporary assistance, Louisiana payday loans can be a possible solution to your financial issues, and Cash Cow would be happy to assist you in this case.

Start the easy process for an online payday loan today on our website, give us a call or visit one of our many locations near you. We’re on your side.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.