Make a budget for your wants and needs based on a fixed income following the included instructions.
1. Determine your fixed monthly income: $3,000
2. Calculate your expenses:
- Housing (rent, mortgage, utilities): $1,000
- Transportation (car payment, gas, insurance): $300
- Food (groceries, dining out): $400
- Health insurance: $200
- Entertainment (movies, streaming services): $100
- Savings: $300
- Miscellaneous (clothing, personal care): $200
- Wants (shopping, hobbies): $300
3. Total expenses: $2,800
4. Calculate remaining income after expenses: $3,000 - $2,800 = $200
5. Divide remaining income between wants and needs:
- Needs: $100
- Wants: $100
6. Adjust as needed based on changes in income or expenses throughout the month.
In this budget, you are prioritizing your needs such as housing, transportation, and food, while also setting aside money for savings and wants. It is important to review and adjust your budget regularly to ensure you are on track with your financial goals.