Save receipts for all purchases you make in a month. Gather your monthly bills. Sort them into two main categories: fixed and flexible. Break each of these down further into two subsections: needs and wants.  Fixed expenses are roughly the same from month to month. Fixed needs are things like rent, utilities, car payments, student loans, insurance, basic phone service, and ongoing healthcare expenses. Fixed wants are typically subscription entertainment services, such as cable television bills, premium phone service, and high speed Internet (unless necessary for your business). Flexible expenses vary from month to month. While they often have a minimum required cost, most people spend more than that. Flexible needs are things like food and clothing. Flexible wants are typically entertainment, alcohol, hobbies, electronics, and other items that we may treat ourselves or our loved ones to. Some banks and credit card companies offer free automated software that tracks your spending and can create some of these categories for you. Start with your typical net monthly income, which is your paycheck after taxes. First subtract your fixed expenses. Then, determine what 10 percent of your net income is. This should be your minimum goal to save each month. Subtract that number from what's left of your paycheck. The final amount is what you will work on to figure out a budget.  Do you have enough money after bills and savings to cover your typical spending habits? If not, reduce your expenses. Look first at flexible wants, then to fixed wants and flexible needs for areas you can improve. If you income is irregular, such as most retail workers who don't usually have fixed schedules, start with an average of the last six to twelve months. Always "sleep on" larger purchases that don't need an immediate decision. If you aren't mindful of your spending, a trip to the store or a few clicks on the web can blow your entire budget. What constitutes a larger purchase will vary depending on your income level. The two biggest purchases for many people would be a car or a house. Both of these should take a lot of research and time before committing to. However, while most workers would consider things like furniture, appliances, and electronics to be big purchases, very high earners may not. Conversely, while some may consider a superfluous pair of shoes or a new book to be a major purchase, others may view them as trivial.
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