9 Ways to Create a Monthly Budget if You Don’t Have One

3) Track Your Spending

If you don’t know how much you spend, it may be difficult to create a budget. Experts advise keeping track of your spending for a month, so you can see what your patterns are. You may be amazed at how all those little purchases add up! When you’re tracking your spending, make a list every time you buy something. Keep the list in categories so at the end of the month you can add them up and see where you’re at with spending. List all your fixed expenses first; those bills which recur monthly. Next, list all your fluctuating expenses. These include gas, dining out, entertainment and things that vary from month to month. At the end of the month, add it all up. Then you’ll be able to see where you can cut down and possible add to your savings as a result.