Research Budgets
The following are steps of creating a budget
1. Calculate expenses: the first step is to compile all the expenses each month. This can be accomplished by consulting financial files, receipts, and bank statements ( Kuhn, 2017) . After identifying all the monthly expenses, the calculation of the monthly expense is done.
2. Determine your income: It is important to determine all your income to have a budget that is accurate and effective. Income may come from salaries, cash gifts, sales of items ( Kuhn, 2017) .
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3. Set savings and debt payoff goals: It is important to determine if the budget is realistic based on the debt payoff goals and savings. It is important to determine if the budget is average or shortfall it will help to come up with an efficient budget.
4. Record spending and track progress: this step is important because it helps to stay on top of your budget. Recording expenses help you think twice before spending, and it is particularly motivating and satisfying to record when our saving goal is attained ( Ren, Qiu, Wang, & Lin, 2016) .
5. Be realistic. It is important to be disciplined to attain our financial gains. Setting realistic goals help us abide by our budget ( Thompson, 2017) .
5. Review your budget monthly. This last step is important since it helps us stay on track.
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After finishing school, I intend to get a well-paying job that will enable me to save enough and pay mortgage all my housing expenses will increase because I will move a bigger house that will require slightly high running costs ( Thompson, 2017) . However, My transportation expenses will not increase after graduation since I intend to keep my car for the foreseeable future.
Also, my food expenses will not increase substantially since I intend to stay alone for a while. Nevertheless, my personal and entertainment expenditure will increase since I will seek to access premium services ( Thompson, 2017) . Lastly, my gift and donation expenses will increase since I love to participate in charity events.
References
Kuhn, M. (2017). Building from scratch or implementing subsidiaries? Assessing the best approach to creating a budget carrier (Doctoral dissertation).
Thompson, N. (2017). Creating an ideal citizenry: the perorations of twentieth-century Budget speeches. British Politics and Policy at LSE .
Ren, L., Qiu, H., Wang, P., & Lin, P. M. (2016). Exploring customer experience with budget hotels: Dimensionality and satisfaction. International Journal of Hospitality Management , 52 , 13-23.
