Step 3: Enter your daily expenses (Groceries, gas, shopping, restaurants, entertainment, etc.).Step 2: Enter your fixed expenses (bills, subscriptions, etc.).To create a zero-sum budget, you need to follow the below basic formula: Most people know their income, but if you don’t know your average spending, the best way is to simply look at your spending over the past few months (we go over this exercise in complete detail in our Money Management Masterclass ). Note : To properly use a zero-based budget template, you need to know your expected income, and spending throughout the month. The best part about zero-based budgeting is that you get a full picture of how your money * should* be used during the month. This makes sure that no money “slips through the cracks”, and any and all extra money after your expenses goes toward your goals. The idea is that you create a budget, input your total income for the month, and then assign those dollars a job. Zero-Based Budgeting (also known as zero-sum budgeting) is simply creating a plan for every dollar you earn.
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