Begin to budget with simple formula

ATLANTA - When money gets tight like it is for many these days, creating a budget or even tweaking the one you have is imperative.  

Let’s take a look at how to get started. Start with totaling your income, and that means all money coming in like paychecks and child support. Then look at what goes out each month. Add up every penny from necessities like gas and groceries, to internet and cable subscriptions, to loan pay off and savings. 

Subtract spending from income and what is left is your fun money. 

USE THE 30-30-30-10 BUDGET TEMPLATE

To help create balance in your budget, take your numbers and fit them into what is called a 30-30-30-10 budget. Thirty percent of your spending is for housing. Thirty percent is allocated for the necessities like gas, car payments, groceries, internet, and more. That last 30 percent is for paying off debt like loans and credit cards, as well as for savings. Then finally, that last 10 percent is set aside for fun: dinners out, gifts, trips.

Your lifestyle might not fit completely into that mold, but it’s a good guide for beginning to create that budget that’s going to get you through challenging financial times.