The process of creating a budget involves: (1) making a list of monthly expenses, including fixed bills, variable utilities, periodic payments like car insurance, clothes, credit card bills, entertainment, food, transportation, school supplies, and unplanned expenses; (2) calculating total monthly income from all sources such as paychecks, tips, side jobs, or child support; and (3) subtracting total expenses from total income to determine if the budget is in a deficit or surplus.

Authors

• Person: Not available Organization: Annuity.org
  Financial Literacy: The Guide to Managing Your Money - Annuity.org

Sources

• Financial Literacy: The Guide to Managing Your Money - Annuity.org www.annuity.org Annuity.org via serper

Referenced by nodes (2)

• income concept
• automobile insurance concept