Understanding and tracking your income & expenses makes life immeasurably easier. Creating the budget is the first step to saving more money. When it comes to the best way to budget, there are options.
One informal method is adding up your monthly expenses and subtracting it from your income. The remaining funds is your disposable income (money left over after bills are paid and saving deposits are made). You can choose to spend that sum or invest or save for the future.
Many people keep a more formal log of their monthly budgets. Technology has made maintaining a budget even easier. Apps like Mint and others can help you track your spending and income automatically but require access to your banking records. If you want to create a more analog budget, below are some great budget templates for you to use.
Managing a budget isn't the most exciting activity, but if you're smart, you at least attempt to keep your finances organized and your debt from overwhelming you. Budgeting doesn't have to be an arduous task, however, thanks to the power of budget spreadsheets.