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How do I set up a budget plan?
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Creating a budget plan is an important step to achieve your financial goals. The first step is to identify your income sources and calculate your total monthly income. Next, list your fixed expenses like housing, utilities, and food that are necessary. Add up your fixed expenses and subtract them from your total income to determine how much money you have left for other expenses. Then, consider additional expenses like entertainment, clothing, and savings and assign each a specific amount. Once you have determined how much you want to spend for the various expenses, the next step is to track your spending to make sure you are staying on track with your budget plan.