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If you are reading this, you are probably having slight financial stress and looking for a way to gain control of your finances. The best way to do this is to create a monthly budget and committing to it. A sound budget is a fundamental tool for managing money, one that has allowed me to survive even on limited funds. One of the most crucial things that I do every month is outlining my monthly budget, this has allowed me to systematically meet all expenses, grow my savings, and eliminate debt.

I normally plan my budget for the upcoming month on about the 20th of the current month. This will prepare me with my expenditures in the coming month. It’s not a good idea to prepare a budget after getting paid because, too often, that flush feeling of getting a paycheck leads to uneccessary and spontaneous spending before the paycheck ever reaches the bank.

Managing my personal budget includes outlining all the things that must be paid that month like mortgage/rent, utilities, and other essentials like insurance, car loan repayment, transportation costs, and phone. These are the things I have pay to keep a comfortable roof over my head and continue earning money. I like to pad these essentials to make “money back” after paying the bills and, if costs increase unexpectedly, I’m always covered.

Next, my budget is subjected to a list of discretionary things I need to cover but could live without if absolutely unavoidable. An example are monthly savings deposits, credit card repayments and donations. Don’t get me wrong, some of these things are also necessary, but in case of emergency they can be left out. By giving credit card companies the maximum instead of the minimum, I keep my credit score high and my debt low.

My budget will not include the cost of living such as food and entertainment. Ultimately, these items get covered by what’s left in the budget. Some months involve lots of beans and rice, slow-cooker meals, free or cheap entertainment, and only one inexpensive piece of clothing . This strategy of handling my monthly budget has worked out very well over the long term as long as I honor it religiously.