How to Create the Perfect Budget

Having a budget that works can make your life simpler and work wonder for your mental health. “But that’s easier said than done if you’re constantly grappling with debt and living paycheck to paycheck,” said Geoff Williams at US News. However, drawing tips from the experts, here’s how to create the perfect budget. First, start by writing down your take-home pay. Then, pay yourself first by subtracting savings for retirement, emergencies, and other goals. Next, deduct rent or mortgage payments, plus any other recurring expenses like utilities, food, and credit card payments. Keep in mind that most single Americans spend about 36 percent of their budget on housing, 12 percent on food, and another 16 percent on car payments, gas, and maintenance. If you’re overshooting in a category, look for opportunities to save. To keep your budget on track, consider that the money you’ve parceled out to different categories is already spent. (usnews.com)