{"id":23500,"date":"2026-03-04T02:49:59","date_gmt":"2026-03-04T02:49:59","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=23500"},"modified":"2026-03-04T02:50:00","modified_gmt":"2026-03-04T02:50:00","slug":"how-to-make-a-monthly-budget-in-5-simple-steps","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=23500","title":{"rendered":"How To Make A Monthly Budget In 5 Simple Steps"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            DragonImages\/Getty Images\n        <\/p>\n<\/p><\/div>\n<div>\n<div id=\"block_ebe0ea29a32315860ad86b0e8d4de763\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            To make a budget, you\u2019ll need to know your monthly income and monthly expenses.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            You\u2019ll need to categorize your expenses and evaluate where you can find opportunities to save.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>A monthly budget is a plan for how you\u2019ll spend your money each month. It can help you to spend less and save more. You can create a monthly budget by calculating your monthly income, tracking your spending and then allotting funds to each category based on your financial priorities.<\/p>\n<p>There aren\u2019t any strict rules when it comes to budgeting, though. The one truly important goal is to spend less than you earn each month.<\/p>\n<h2 id=\"how-to-make-a-monthly-budget-5-steps\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to create a monthly budget\" data-outcome=\"\">How to create a monthly budget<\/h2>\n<h3>1. Calculate your monthly income<\/h3>\n<p>First, determine how much money you earn after taxes. This is known as your take-home pay.\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>If you earn a steady paycheck, you can multiply the amount in one paycheck by the number of paychecks you receive each month.\u00a0<\/li>\n<li>If you have a variable income that isn\u2019t super predictable month-to-month, look at your lowest-earning month in the past year and try to build your budget off of that.<\/li>\n<\/ul>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"icon-wrapper\">\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-offset-blue-200\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Bank With Check Mark Icon<\/title>\n<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M21.614 11.811h.83v-.008c.775 0 1.41-.625 1.41-1.404v-.593c0-.479-.236-.925-.643-1.185l-8.545-5.496c-.465-.3-1.068-.3-1.532 0L4.59 8.63c-.399.26-.643.706-.643 1.185v.593c0 .771.627 1.404 1.409 1.404h.83v6.909h-.7c-.562 0-1.034.381-1.156.925l-.4 1.827c-.081.349.009.714.237.99.228.276.562.438.92.438h17.628c.358 0 .692-.162.92-.438.228-.276.318-.641.236-.99l-.399-1.827a1.177 1.177 0 0 0-1.157-.925h-.7V11.81Z\" fill=\"transparent\" class=\"icon-offset\"\/><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M20.724 10.857h-.861v3.623a.68.68 0 0 1-.676.682.68.68 0 0 1-.675-.682v-3.623h-3.53v4.756a.68.68 0 0 1-.675.682.68.68 0 0 1-.676-.682v-4.756h-3.53v7.254h1.765a.68.68 0 0 1 .676.682.68.68 0 0 1-.676.682H3.245l-.363 1.662h10.107a.68.68 0 0 1 .676.682.68.68 0 0 1-.675.681H2.73a1.23 1.23 0 0 1-.954-.46A1.215 1.215 0 0 1 1.53 21l.413-1.918a1.224 1.224 0 0 1 1.2-.971h.725v-7.254h-.86c-.811 0-1.462-.665-1.462-1.475V8.76c0-.503.254-.972.668-1.244l8.858-5.78a1.45 1.45 0 0 1 1.587 0l8.858 5.771c.422.273.667.742.667 1.245v.622c0 .818-.659 1.474-1.46 1.474v.009Zm.009-1.364H14.41a.668.668 0 0 0-.21 0H3.009a.112.112 0 0 1-.11-.11V8.76c0-.042.051-.102.051-.102h.009l8.858-5.77c.033-.026.118 0 .118 0l8.858 5.77c.034.025.05.102.05.102v.622c0 .06-.05.111-.11.111ZM5.22 10.857h3.53v7.254H5.22v-7.254Zm6.646-3.333a.68.68 0 0 1-.675-.681c0-.375.304-.69.675-.69.372 0 .676.297.676.673 0 .392-.304.69-.676.69v.008Zm4.814 14.55h.009-.017.008Zm-.473-.196a.665.665 0 0 0 .946 0l5.15-5.2a.689.689 0 0 0 0-.963.673.673 0 0 0-.953 0l-4.67 4.714-2.018-2.046a.673.673 0 0 0-.954 0 .689.689 0 0 0 0 .964l2.5 2.531Z\" class=\"icon-base\"\/><\/svg>\n            <\/div>\n<div class=\"content-wrapper\">\n<p>\n                    Need a checking account to use for spending?\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Check out Bankrate\u2019s picks for the best checking accounts, which provide easy access to your money without charging monthly maintenance fees.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h3>2. Categorize your spending\u00a0<\/h3>\n<p>To get a sense of how much money you\u2019re spending every month, look at your actual expenses over the last three months and categorize your expenditures. Not all expenditures will be the same every month \u2014 your cell phone bill will be the same, for example, but your grocery bill might change, so keep that in mind.<\/p>\n<p>Common expense categories in a budget include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Rent or mortgage payment<\/li>\n<li>Food<\/li>\n<li>Utilities<\/li>\n<li>Gasoline and other transportation costs (parking, tolls, public transportation)<\/li>\n<li>Phone and internet<\/li>\n<li>Household supplies<\/li>\n<li>Insurance premiums<\/li>\n<li>Streaming subscriptions<\/li>\n<\/ul>\n<p>Once you\u2019ve covered the last three months of expenses, add any expenses that occur annually or bi-annually that you may not have caught yet, such as car registration or property taxes. <\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Where to go to see your expenses\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Look at your debit and credit card statements to see what you\u2019ve spent your money on. If you use cash a lot, check your receipts. And if you haven\u2019t been keeping them, you might need to start and monitor your spending over the next few months before you can make a truly workable budget.<\/p>\n<p>You don\u2019t have to do it all yourself: Some banks\u2019 apps and <b>budget apps<\/b>, such as EveryDollar, can help with some of the monotonous work associated with budgeting. They\u2019ll monitor your spending, categorize your purchases and provide insight into where you can save on certain expenses.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h3>3. \u00a0Evaluate your financial priorities<\/h3>\n<p>Building a budget is about making sure you can cover your essential spending but it\u2019s also about making sure you\u2019re spending money toward fulfilling hobbies or activities and saving, too.\u00a0<\/p>\n<p>As you review your spending, you may find that you spend more or less than you expected in different categories. For example, you could be spending $150 a year on a subscription you rarely use. Could you put that money toward a savings goal that means more to you than the Netflix show you have on in the background?<\/p>\n<p>If you can swing it, make savings a priority by listening to the words of investing guru Warren Buffett who said, \u201cDo not save what is left after spending, but spend what is left after saving.\u201d<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    A good savings account is a must\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Find an account that earns a competitive annual percentage yield (APY) and that either doesn\u2019t charge a monthly service fee or makes this fee easy to avoid. The banks on Bankrate\u2019s best high-yield savings account list fit this bill.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h3>4. Design your budget<\/h3>\n<p>If your actual spending is already aligned with your goals, you can use your spending history as a guide for your budget. If you decide to completely overhaul your spending habits, you\u2019ll want to build your budget from the ground up instead.\u00a0<\/p>\n<p>Choose a budgeting method to get you started. Common methods include:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>50\/30\/20 rule:<\/strong> The 50\/30\/20 budget rule calls for dividing your after-tax income into three separate categories: 50 percent for needs, 30 percent for wants and 20 percent for savings. This may be a good option if you definitely earn more than you need to spend and prefer a very structured budgeting approach.<\/li>\n<li>\n<strong>Zero-based budgeting:<\/strong>\u00a0Zero-based budget strategy is built on the idea that every dollar of your take-home pay is assigned a purpose. The result is that your monthly income minus your monthly expenses and savings equals zero. This is not to say you should spend every dollar, but rather that you know where every dollar is going.<\/li>\n<li>\n<strong>Envelope budget:<\/strong> Also known as cash stuffing, this approach works if you prefer paying for expenses with cash, though there are digitized versions of this method. It involves creating an envelope for each expense category in your budget and using your pay to fill each envelope with the amount of money you have designated for that category. Once you\u2019ve used all the money in a particular envelope, you stop spending on that category.<\/li>\n<\/ul>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    The downside to cash\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>If your envelope budgeting involves keeping your funds in cash, keep in mind that it is lacking the protections that come with a Federal Deposit Insurance Corp. (FDIC)-insured bank account (such as theft or a natural disaster). Also, you lack the opportunity to earn interest, as you could with one of the best high-yield checking accounts or a high-yield savings account.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p>After you choose an approach, list your spending categories and how much you plan on spending on each. You can do this by using a budgeting app or a spreadsheet (Microsoft Office and Google sheets both offer budgeting templates).<\/p>\n<h3><b>5. Refine your budget as needed<\/b><\/h3>\n<p>After making the budget, you\u2019ll want to track your spending to see how actual expenses line up with predicted expenses. Then, adjust the budget accordingly to make up for any differences.<\/p>\n<p>Or you might need to make changes because your priorities and life circumstances may change. For example, you might take on a new loan or receive a pay raise. Review your budget periodically to see if it needs to be revised.<\/p>\n<h2 id=\"monthly-budget-example\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Monthly budget example\" data-outcome=\"\">Monthly budget example<\/h2>\n<p>Let\u2019s consider how someone might make a budget for a net household income of $6,477 per month. This is the median monthly household income, according to the most recent data from the U.S. Census Bureau.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table wrapped\">\n<thead>\n<tr>\n<th>Category<\/th>\n<th>Line item<\/th>\n<th>Amount per month<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td rowspan=\"3\"><strong>Savings<\/strong><\/td>\n<td>Emergency fund<\/td>\n<td>$300<\/td>\n<\/tr>\n<tr>\n<td>Vacation fund<\/td>\n<td>$200<\/td>\n<\/tr>\n<tr>\n<td>Retirement<\/td>\n<td>$262<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td><strong>Total<\/strong><\/td>\n<td>$762<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"9\"><strong>Needs<\/strong><\/td>\n<td>Rent<\/td>\n<td>$2,000<\/td>\n<\/tr>\n<tr>\n<td>Car payment and gasoline<\/td>\n<td>$840<\/td>\n<\/tr>\n<tr>\n<td>Electricity<\/td>\n<td>$135<\/td>\n<\/tr>\n<tr>\n<td>Gas\/oil<\/td>\n<td>$70<\/td>\n<\/tr>\n<tr>\n<td>Phone<\/td>\n<td>$140<\/td>\n<\/tr>\n<tr>\n<td>Internet<\/td>\n<td>$70<\/td>\n<\/tr>\n<tr>\n<td>Groceries<\/td>\n<td>$830<\/td>\n<\/tr>\n<tr>\n<td>Personal care\/hygiene<\/td>\n<td>$80<\/td>\n<\/tr>\n<tr>\n<td>Auto insurance premiums<\/td>\n<td>$450<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td><strong>Total<\/strong><\/td>\n<td>$4,615<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"7\"><strong>Wants<\/strong><\/td>\n<td>Streaming subscriptions<\/td>\n<td>$70<\/td>\n<\/tr>\n<tr>\n<td>Dining out\/ food delivery<\/td>\n<td>$250<\/td>\n<\/tr>\n<tr>\n<td>Apparel<\/td>\n<td>$100<\/td>\n<\/tr>\n<tr>\n<td>Nightlife<\/td>\n<td>$100<\/td>\n<\/tr>\n<tr>\n<td>Movies\/theater<\/td>\n<td>$50<\/td>\n<\/tr>\n<tr>\n<td>Gifts<\/td>\n<td>$100<\/td>\n<\/tr>\n<tr>\n<td>Miscellaneous spending<\/td>\n<td>$430<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td><strong>Total<\/strong><\/td>\n<td>$1,100<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Total for all categories<\/strong><\/td>\n<td>$6,477<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 id=\"What-happens-if-you-blow-your-budget\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What happens if you blow your budget?\" data-outcome=\"\">What happens if you blow your budget?<\/h2>\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full is-resized has-custom-border is-style-rounded\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"1742\" src=\"https:\/\/budgetadirect.com\/wp-content\/uploads\/2026\/03\/hanna-horvath-1.png\" alt=\"Headshot of Hanna Horvath\" class=\"wp-image-1062670\" style=\"border-width:4px;border-radius:46px;width:242px;height:auto\"  \/><\/figure>\n<\/div>\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"MarketMavenQuote\">\n<div class=\"\">\n<div>\n<blockquote><p>\n                If you overspend your budget one month, the worst thing you can do is abandon it entirely. Instead, I would treat it as a lesson for next month. Pull up your spending, identify the category where you went over, and ask yourself whether your budget was realistic in the first place. The best budget you can have is the one you can stick to over the long run. <\/p>\n<p class=\"mb-0\">\n                        <cite>\u2014 Hanna Horvath, CFP, managing editor at Bankrate<\/cite>\n                    <\/p>\n<\/blockquote><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 id=\"Why-budgeting-is-important\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Why budgeting is important\" data-outcome=\"\"><b>Why budgeting is important<\/b><\/h2>\n<p>Regular budgeting carries many tangible benefits, which often include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Bills that are paid on time, which not only avoids late fees but can help your credit score<\/li>\n<li>More money in your savings account<\/li>\n<li>The means to cover unplanned expenses<\/li>\n<li>Less overspending and debt accrual<\/li>\n<\/ul>\n<p>What\u2019s more, checking in regularly with your finances helps ensure you\u2019ll catch any bank errors or fraudulent transactions.<\/p>\n<h2 data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>Making a budget is an effective way to keep up with your spending, gain a better understanding of your financial habits and incentivize saving. Before creating a monthly budget, review your spending for a few months, noting necessary expenses, unnecessary expenses and where there\u2019s room for savings. Then calculate your expenses against your available income, with the goal of spending less than you earn.<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"A5GzLlkapa\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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You\u2019ll need to categorize your expenses and evaluate where you can find opportunities to save. A monthly budget is a plan for how you\u2019ll spend your money each month. It can help you to spend less and<\/p>\n","protected":false},"author":1,"featured_media":23501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23500","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Make A Monthly Budget In 5 Simple Steps | BudgetADirect<\/title>\n<meta name=\"description\" content=\"DragonImages\/Getty Images Key takeaways To make a budget, you\u2019ll need to know your monthly income and monthly expenses. 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