{"id":10298,"date":"2024-09-05T11:22:11","date_gmt":"2024-09-05T15:22:11","guid":{"rendered":"http:\/\/learn.realsecretsofmoney.com\/?page_id=10298"},"modified":"2025-01-14T14:12:55","modified_gmt":"2025-01-14T19:12:55","slug":"budget","status":"publish","type":"page","link":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/learn\/budget\/","title":{"rendered":"Budget"},"content":{"rendered":"

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\"\"Creating a Budget<\/strong><\/span><\/h1>\n

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A budget is the foundation of financial literacy. We can teach you how to manage your money and build confidence in your financial decisions, taking charge of your financial future.<\/span><\/h4>\n

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A budget can help you make confident decisions and enjoy peace of mind.<\/strong>
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A detailed budget, though, can be complex to manage.\u00a0 The 50-30-20 rules splits expenses into just three categories.
\nIt also offers recommendations on how much money to use for each.\u00a0 With some basic information, you can get on the road to financial well-being.<\/span><\/p>\n

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Let’s begin the budgeting process by taking a look at your paycheck.<\/strong><\/span><\/h3>\n

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Step 1. Determine Your Total Earnings <\/span><\/h6>\n

[\/vc_column_text][vc_column_text css=”.vc_custom_1729614255446{padding-right: 25px !important;padding-left: 25px !important;}”]Determine your total earnings by subtracting any taxes that were withheld. Do not subtract other amounts that may be withheld or automatically deducted from your paycheck, like health insurance or retirement contributions. These will become part of your budget. To help you stay organized, download our budgeting worksheet below.<\/span>[\/vc_column_text][vc_empty_space height=”50px”][vc_column_text css=”.vc_custom_1729614469197{padding-top: 12px !important;padding-right: 25px !important;padding-bottom: 24px !important;padding-left: 25px !important;background-color: #294777 !important;}”]<\/p>\n

Step 2. Determine Your 50-30-20 <\/span><\/h6>\n

[\/vc_column_text][vc_column_text css=”.vc_custom_1729614340797{padding-right: 25px !important;padding-left: 25px !important;}”]Using the 50-30-20 budget rules, put all of your expenses into one of the budgeting categories. Look at each box below for a more detailed look at what should be included in each category. To help you stay organized, download our budgeting worksheet below.<\/span>[\/vc_column_text][vc_empty_space height=”22px”][\/vc_column][vc_column width=”1\/4″ css=”.vc_custom_1729614081652{margin-bottom: 30px !important;border-top-width: 5px !important;border-right-width: 5px !important;border-bottom-width: 5px !important;border-left-width: 5px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-radius: 1px !important;border-color: #7FAE46 !important;}”]

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Example of the 50-30-20 Rule<\/h6>\n

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Step 1<\/span><\/h6>\n

[\/vc_column_text][vc_column_text css=”.vc_custom_1729779314142{margin-left: 50px !important;}”]$75,000 (Earnings)[\/vc_column_text][vc_column_text css=”.vc_custom_1729779301636{padding-left: 30px !important;}”]-\u00a0 11,250 (Taxes)[\/vc_column_text][vc_column_text css=”.vc_custom_1729779333111{padding-left: 30px !important;}”]=\u00a0 $63,750 TOTAL[\/vc_column_text][vc_column_text css=””]<\/p>\n

Step 2<\/span><\/h6>\n

[\/vc_column_text][vc_column_text css=”.vc_custom_1729780021658{margin-bottom: 50px !important;padding-left: 30px !important;}”]Total x 50% = $31,875<\/strong><\/span><\/p>\n

Total x 30% = $19,125<\/strong><\/span><\/p>\n

Total x 20% = $12,750<\/strong><\/span>[\/vc_column_text]\t\t<\/div>\n\t<\/div>\n<\/div><\/div>[\/vc_column][vc_column width=”1\/6″][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1729614618099{margin-bottom: 35px !important;}”][vc_column offset=”vc_hidden-xs”]

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[vc_row css=”.vc_custom_1729716569104{margin-bottom: 50px !important;}”][vc_column width=”1\/2″][\/vc_column][vc_column width=”1\/2″][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row disable_background_image=”” simple_background_image=”10024″ css=”.vc_custom_1723739553832{margin-top: 25px !important;margin-bottom: 25px !important;}”][vc_column][vc_column_text css=”.vc_custom_1725651673642{margin-top: 25px !important;margin-bottom: 25px !important;}”] Let’s begin the budgeting process by taking a look at your paycheck. [\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1729614699683{margin-top: 50px !important;margin-bottom: 35px !important;}”][vc_column width=”1\/6″][\/vc_column][vc_column width=”5\/12″ css=”.vc_custom_1729610359592{margin-right: 25px […]<\/p>\n","protected":false},"author":56,"featured_media":0,"parent":9820,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"full-width.php","meta":{"footnotes":""},"class_list":["post-10298","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/pages\/10298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/comments?post=10298"}],"version-history":[{"count":127,"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/pages\/10298\/revisions"}],"predecessor-version":[{"id":12254,"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/pages\/10298\/revisions\/12254"}],"up":[{"embeddable":true,"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/pages\/9820"}],"wp:attachment":[{"href":"https:\/\/learn.realsecretsofmoney.com\/FFSBB\/wp-json\/wp\/v2\/media?parent=10298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}