Calculate Your Expenses

Calculate Your Expenses

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One of the most difficult steps in establishing a budget is determining how much money you're spending – how much money is going out. First make a list of all your fixed expenses. This would include rent, mortgage payments, car payments, insurance, utilities, cable, etc. Next, include variable expenses such as food, gas, entertainment, etc. And lastly, don't forget about miscellaneous and maintenance expenses like property taxes, car maintenance, tag renewals, birthday gifts, etc. Once you've added up your out-going monthly expenses, subtract them from your income and that'll tell you whether or not you're spending more than you earn, and help you get a better idea of where you can cut back.