As you are working with a zero-based budget, you will first need to take a look at the income that you earn during the month. This is a good starting point so you know the exact dollar amount that you have to work with. When that is done, it is time to list out all of your expenses along the way. You need to know where the money is going at any given time so you can tell the money where to go. Some of the expenses that you will need to list out here include:
# Giving: It is always a good idea to give when you can. It is recommended to give 10% of your income, but you choose what works for you.
# Savings: This will depend on where you are with your debt repayments, but it is still a good idea to have some emergency savings in place and for your other financial goals.
# The Four Walls: These will be the expenses that you have for transportation, shelter, utilities, and food.
# Other essentials: This is going to be some of the other money amounts that you need to handle like childcare when you have to work, all debts to pay off, and insurance to name a few.
# Extras: If you have enough left at the end of the month, you can put away some for restaurants, fun money, and entertainment as you would like.
# Month-specific expenses: These are good for some of the semi-annual expenses, celebrations, holidays, birthdays and more.
Make sure to save some money back for miscellaneous categories. This will provide you with some cushion to help out if things happen and you were not expecting it. You always need to put the Four Walls and the essentials before some of the wants like your fun money if you ever have a month where things are tough. This is also a good idea if you are looking to pay down debt a little faster.
If you are looking for an affordable apartment that you can share with a roommate to help you meet your budget, then it is time to take a look at our two bedroom apartments for rent in South Park. This is a great place to live, with amenities and plenty of space that you are able to call your own. We know how important it is to have a place that is all your own and we want to make that a reality. Come and meet with a member of our staff and see how great our apartments can be.
