First track your expenses. Put them into categories. Trim if necessary. Then budget. Save at least 10% of your income. Better if it’s 25%.
Categories would be housing(includes utilities), transport, food, children(or pets or parents or ‘others’, if any), fun, medical/emergency(if not covered), taxes and insurance, savings.
You will see that some are fixed and some can be variable. You can only trim those that are variable.
Automatic transfers for the fixed and recurring expenses.(these can have a fixed ceiling. Like for utilities or gas etc).
For the variables like food and fun, assign different credit cards to them. That way you can track exactly how much you spend on food and when you change your behavior, you can figure out if it’s working for you and even make changes in the short term.
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First track your expenses. Put them into categories. Trim if necessary. Then budget. Save at least 10% of your income. Better if it’s 25%.
Categories would be housing(includes utilities), transport, food, children(or pets or parents or ‘others’, if any), fun, medical/emergency(if not covered), taxes and insurance, savings.
You will see that some are fixed and some can be variable. You can only trim those that are variable.
Automatic transfers for the fixed and recurring expenses.(these can have a fixed ceiling. Like for utilities or gas etc).
For the variables like food and fun, assign different credit cards to them. That way you can track exactly how much you spend on food and when you change your behavior, you can figure out if it’s working for you and even make changes in the short term.