I will show you step by step how to budget your money in 2022 for beginners with low income. Follow me on instagram:Timothywilliamsjr0
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FIRST: How much is your monthly income? If your monthly income changes over 3/6 months add them up and divide them into 3 or 6 months. No matter what I always make sure to pay myself first just like Robert Kiyosaki recommended in "Rich Dad Poor Dad".
SECOND: What are you expenses? Add up every thing you're paying for including all of your debt, student loans, credit cards, car payment, mortgage or real estate, and all of your subscriptions. Then divide that into 30 days so that you know how much it cost you to live everyday. Compare your monthly income to your monthly expenses to see how much money you have left over to save, or to invest in real estate or any others forms of investing.
If someone off the street asks you what your monthly expenses are, and how much money you're brining in everyday if you can't answer that questions within a few seconds THAT'S A PROBLEM!! Make sure you're always aware of how much money you're spending, and bringing in on a monthly basis.
THIRD: 50/30/20 Budgeting method. 50% goes to your monthly expenses, 30% goes to your NEEDS, 20% goes to savings/debt repayment/investing. The 20/30 method can be flip flopped depending on what your situation is.
FOURTH: Shoe box method is a method used in the inner cities, it's when you save money inside of a shoebox. I used this method for YEARS for motivational purposes, I did this to manifest those 1's into 100's for the future.
FIFTH: Reduce spending is when you're cutting all of the un-needed expenses so that you can save money, and invest. You should be looking to cut subscriptions, refinance your mortgage, and increase your income.
Mint App is a great app that you can use so that you can keep track of all the money you're making and spending so that you're being responsible.
Auto paying your bills helps you save money even if it's only $5 its helping you save or invest that same $5 for the future.
Make sure to look into meal prepping your meals instead of going out to eat, eating out is VERY expensive and you will save so much money if you're meal prepping for the week and rewarding yourself every once in a while by eating out.
If you have any high interest DEBT make sure you're paying it off as soon as possible whether its a car loan, credit card, mortgage, or a personal loan just make sure you're paying that off as fast as possible so you have more capital to invest and save money.
Make sure to save at least $1-5,000 for emergency purposes before you're investing just to be safe.
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