Imagine that you have a salary of $1,000 monthly. With this income you have to pay your apartment rent, electric and water bills, transportation expenses, taxes, and other necessities you require.
Is this money sufficient? How much money are you keeping? Planning a budget will help you to manage your money. According to a recent study by U.S. Bank, 41% of Americans say they use a budget – up from a Gallup poll in 2013 that put the percentage at 32% – or one in three households (Reske 2017).
A budget is a document enumerating expected receipts and payments in a given time. It can help you when money is tight. So how to make your budget?