How To Build a Kick Ass Budget in 15 Minutes

Note: This post is for people that make enough to cover their expenses monthly. If you are still in debt, living over your means, or still a student with little or no income, please read on as you may find some tips, however, if you want to use this strategy, you need to have a maximum threshold for spending.
2009 was the first year I ever used a budget. It will not be the last as I am planning on modifying it up for 2010. I was shocked at the simplicity of creating the “ever daunting” budget. Today I will talk about how I set up my personal budget last year, and how I will be doing so this year.  If you feel I forgot something, feel free to leave a comment.  Let’s get to it.
Step 1: Write down infrequent expenses. These things can creep up on you and throw you off your budget plan, so be smart, list them first.  This may include gym memberships billed quarterly, car insurance billed twice a year, etc. (2 minutes)
Step 2: Know what you make. If you have a clear picture of your income this process will be easy. If you aren’t 100% certain, a ballpark estimate will suffice. Note: this is Net income, not gross. (2 minutes)
Step 3: Know what you want to spend. If you make a decent income and want to spend and save, you could probably live off of 90% of your income. Either way, if you net $30K, set your budget for $29K. If you can afford more savings make the gap between the number in step 2 and step 3 as big as possible. (1 minute)
Step 4: Subtract the infrequent expenses from step 1 from the number in step 3. This will get you your total habitual spending forthe year I bet you can guess what is the next step. (1 minute)
Step 5: Divide by 12. This number (step 4 divided by 12) is the number we are going to work with. (1 minute)
Step 6: Create categories. This gets a bit harder here, but don’t stress. To give you a start, my categories for my budget are: Rent, Utilities, groceries, entertainment, student loans, car payment, going out money, and then a miscellaneous category (for random expenses, dates, etc.). These categories are flexible, so treat them as such an do what works for you. (2 minutes)
Step 7: The dirty work. Subtract your fixed expenses from the number we got in step 5. If that number was $2000 and you have $800 in rent $200 in loans and $200 in a car payment you will have $800 to work with. (2 minutes)
Step 8: Dont be frightened, break it down. If you have $800 start breaking it down to where you want to spend. If you like to go out, allocate the most you feel you can there. Here is where you get to make priorities and decide where you want your spending to go. (3 minutes)
Step 9: Write it down. This process is an act of futility if you don’t wrote down how much you want to spend in each category. This should be an easy guide to stick to your budget. (1 minute)
Optional Step 1: If you have enough income and want to create a seperate yearly budget for something like shopping sprees, feel free to keep a note of how much you are giving yourself to spend. If you are someone that goes on a shoe buying frenzy, you won’t be able to keep to the monthly budget without this category, so implement it (this will be the biggest change for my budget this year).
Optional Step 2: Budget your savings. Is your goal in 2010 to max out your Roth? Then budget out $416.66 a month to make it happen and reach the $5000 max. This will work with any savings goal.
It ain’t so hard and this is the method that works for me. Some people are really strict with their categories. I don’t feel i can be. Some months I eat out a lot and go over budget, but that likely means I am well under my grocery budget. I just slide that money over for that month. The key is to stay under your monthly number from step 5, not for you to stress that you can spend $50 in entertainment the last week of the month but spend -$12 on groceries.
Best of luck. An honest attempt with the 15 minute budget can really set your finances up for success in 2010.
Note: This post is for people that make enough to cover their expenses monthly. If you are still in debt, living over your means, or still a student with little or no income, please read on as you may find some tips, however, if you want to use this strategy, you need to have a maximum threshold for your spending.

2009 was the first year I ever used a budget. It will not be the last as I am planning on modifying it up for 2010.  I was shocked at the simplicity of creating the “ever daunting” budget. Today I will talk about how I set up my personal budget last year, and how I will be doing so this year.  If you feel I forgot something, feel free to leave a comment.  Let’s get to it.

Step 1: Write down infrequent expenses. These things can creep up on you and throw you off your budget plan, so be smart, list them first.  This may include gym memberships billed quarterly, car insurance billed twice a year, etc. (2 minutes)

Step 2: Know what you make. If you have a clear picture of your income this process will be easy. If you aren’t 100% certain, a ballpark estimate will suffice. Note: this is Net income, not gross. (2 minutes)

Step 3: Know what you want to spend. If you make a decent income and want to spend and save, you could probably live off of 90% of your income. Either way, if you net $30K, set your budget for $29K. If you can afford more savings make the gap between the number in step 2 and step 3 as big as possible. (1 minute)

Step 4: Subtract. Subtract the infrequent expenses from step 1 from the number in step 3. This will get you your total habitual spending forthe year I bet you can guess what is the next step. (1 minute)

Step 5: Divide by 12. This number (step 4 divided by 12) is the number we are going to work with. (1 minute)

Step 6: Create categories. This gets a bit harder here, but don’t stress. To give you a start, my categories for my budget are:

  • Rent
  • Utilities
  • Groceries
  • Other Food
  • Hockey Expenses
  • Going Out Money
  • Entertainment
  • Student Loans
  • Car Payment
  • Transportation
  • Cell Phone
  • Miscellaneous Expenses (for random expenses, dates, etc.).

These categories are flexible, so treat them as such an do what works for you. (2 minutes)

Step 7: The dirty work. Subtract your fixed expenses from the number we got in step 5.  If that number was $2000 and you have $800 in rent $200 in loans and $200 in a car payment you will have $800 to work with. (2 minutes)

Step 8: Don’t be frightened, break it down. If you have $800 start breaking it down to where you want to spend. If you like to go out, allocate the most you feel you can there.  Here is where you get to make priorities and decide where you want your spending to go. (3 minutes)

Step 9: Write it down. This process is an act of futility if you don’t wrote down how much you want to spend in each category. This should be an easy guide to stick to your budget. (1 minute)

Optional Step 1: If you have enough income and want to create a seperate yearly budget for something like shopping sprees, feel free to keep a note of how much you are giving yourself to spend. If you are someone that goes on a shoe buying frenzy, you won’t be able to keep to the monthly budget without this category, so implement it (this will be the biggest change for my budget this year).

Optional Step 2: Budget your savings. Is your goal in 2010 to max out your Roth? Then budget out $416.66 a month to make it happen and reach the $5000 max.  This will work with any savings goal.

It ain’t so hard and this is the method that works for me.  Some people are really strict with their categories. I don’t feel i can be.  Some months I eat out a lot and go over budget, but that likely means I am well under my grocery budget.  I just slide that money over for that month. The key is to stay under your monthly number from step 5, not for you to stress that you can spend $50 in entertainment the last week of the month but spend -$12 on groceries.

Best of luck.  An honest attempt with the 15 minute budget can really set your finances up for success in 2010.

461 Responses to How To Build a Kick Ass Budget in 15 Minutes
  1. health clinic
    May 20, 2018 | 5:30 am

    Useful info. Fortunate me I discovered your website unintentionally, and I’m shocked why this coincidence did not happened earlier! I bookmarked it.

  2. health insurance
    May 20, 2018 | 5:31 am

    I like the helpful information you provide in your articles. I will bookmark your blog and check again here regularly. I am quite sure I will learn many new stuff right here! Good luck for the next!

  3. better health
    May 20, 2018 | 5:32 am

    Great blog here! Also your site loads up fast! What web host are you using? Can I get your affiliate link to your host? I wish my site loaded up as quickly as yours lol

  4. health and fitness
    May 20, 2018 | 5:36 am

    Excellent post. I was checking continuously this blog and I’m impressed! Very useful information particularly the last part 🙂 I care for such information a lot. I was seeking this certain info for a long time. Thank you and best of luck.

  5. health clinic
    May 20, 2018 | 5:36 am

    I do not even know how I ended up here, but I thought this post was great. I don’t know who you are but certainly you are going to a famous blogger if you are not already 😉 Cheers!

  6. homeopathic medicine
    May 20, 2018 | 5:54 am

    My wife and i ended up being really delighted when Michael could finish up his survey from your precious recommendations he made from your own weblog. It is now and again perplexing to simply find yourself handing out information and facts which often others have been making money from. Therefore we fully understand we need you to give thanks to because of that. The specific explanations you made, the easy website navigation, the friendships you will help instill – it is most remarkable, and it’s assisting our son in addition to the family recognize that that theme is interesting, which is really vital. Many thanks for the whole lot!

  7. health insurance
    May 20, 2018 | 6:02 am

    Wonderful paintings! That is the type of info that are supposed to be shared around the internet. Shame on Google for now not positioning this put up upper! Come on over and consult with my site . Thank you =)

  8. Home Product and Service
    May 20, 2018 | 6:15 am

    Hey, you used to write fantastic, but the last few posts have been kinda boring… I miss your tremendous writings. Past few posts are just a bit out of track! come on!

  9. Carmelo Karratti
    May 20, 2018 | 6:55 am

    SimplyJust want towish todesire to say your article is as astonishingamazingsurprisingastounding. The clearnessclarity for youron yourin yourto your postsubmitpublishput up is simplyjust spectacularniceexcellentcoolgreat and iand that i cancould thinkassumesuppose you areyou’re a professionalknowledgeablean expert in thison this subject. WellFine with yourtogether with youralong with your permission allowlet me to take hold ofgrabclutchgraspseizesnatch your RSS feedfeed to staykeep up to dateupdated with drawing closeapproachingcoming near nearforthcomingimminentimpending post. Thank youThanks a millionone million1,000,000 and please keep upcontinuecarry on the gratifyingrewardingenjoyable work.

  10. Home Product and Service
    May 20, 2018 | 7:50 am

    naturally like your website however you need to test the spelling on quite a few of your posts. Many of them are rife with spelling issues and I find it very troublesome to tell the truth however I will definitely come back again.

  11. Home Product and Service
    May 20, 2018 | 8:08 am

    Thanks for the sensible critique. Me and my neighbor were just preparing to do a little research on this. We got a grab a book from our area library but I think I learned more from this post. I am very glad to see such fantastic information being shared freely out there.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/how-to-build-a-kick-ass-budget-in-15-minutes/trackback/

How To Build a Kick Ass Budget in 15 Minutes

Note: This post is for people that make enough to cover their expenses monthly. If you are still in debt, living over your means, or still a student with little or no income, please read on as you may find some tips, however, if you want to use this strategy, you need to have a maximum threshold for spending.
2009 was the first year I ever used a budget. It will not be the last as I am planning on modifying it up for 2010. I was shocked at the simplicity of creating the “ever daunting” budget. Today I will talk about how I set up my personal budget last year, and how I will be doing so this year.  If you feel I forgot something, feel free to leave a comment.  Let’s get to it.
Step 1: Write down infrequent expenses. These things can creep up on you and throw you off your budget plan, so be smart, list them first.  This may include gym memberships billed quarterly, car insurance billed twice a year, etc. (2 minutes)
Step 2: Know what you make. If you have a clear picture of your income this process will be easy. If you aren’t 100% certain, a ballpark estimate will suffice. Note: this is Net income, not gross. (2 minutes)
Step 3: Know what you want to spend. If you make a decent income and want to spend and save, you could probably live off of 90% of your income. Either way, if you net $30K, set your budget for $29K. If you can afford more savings make the gap between the number in step 2 and step 3 as big as possible. (1 minute)
Step 4: Subtract the infrequent expenses from step 1 from the number in step 3. This will get you your total habitual spending forthe year I bet you can guess what is the next step. (1 minute)
Step 5: Divide by 12. This number (step 4 divided by 12) is the number we are going to work with. (1 minute)
Step 6: Create categories. This gets a bit harder here, but don’t stress. To give you a start, my categories for my budget are: Rent, Utilities, groceries, entertainment, student loans, car payment, going out money, and then a miscellaneous category (for random expenses, dates, etc.). These categories are flexible, so treat them as such an do what works for you. (2 minutes)
Step 7: The dirty work. Subtract your fixed expenses from the number we got in step 5. If that number was $2000 and you have $800 in rent $200 in loans and $200 in a car payment you will have $800 to work with. (2 minutes)
Step 8: Dont be frightened, break it down. If you have $800 start breaking it down to where you want to spend. If you like to go out, allocate the most you feel you can there. Here is where you get to make priorities and decide where you want your spending to go. (3 minutes)
Step 9: Write it down. This process is an act of futility if you don’t wrote down how much you want to spend in each category. This should be an easy guide to stick to your budget. (1 minute)
Optional Step 1: If you have enough income and want to create a seperate yearly budget for something like shopping sprees, feel free to keep a note of how much you are giving yourself to spend. If you are someone that goes on a shoe buying frenzy, you won’t be able to keep to the monthly budget without this category, so implement it (this will be the biggest change for my budget this year).
Optional Step 2: Budget your savings. Is your goal in 2010 to max out your Roth? Then budget out $416.66 a month to make it happen and reach the $5000 max. This will work with any savings goal.
It ain’t so hard and this is the method that works for me. Some people are really strict with their categories. I don’t feel i can be. Some months I eat out a lot and go over budget, but that likely means I am well under my grocery budget. I just slide that money over for that month. The key is to stay under your monthly number from step 5, not for you to stress that you can spend $50 in entertainment the last week of the month but spend -$12 on groceries.
Best of luck. An honest attempt with the 15 minute budget can really set your finances up for success in 2010.
Note: This post is for people that make enough to cover their expenses monthly. If you are still in debt, living over your means, or still a student with little or no income, please read on as you may find some tips, however, if you want to use this strategy, you need to have a maximum threshold for your spending.

2009 was the first year I ever used a budget. It will not be the last as I am planning on modifying it up for 2010.  I was shocked at the simplicity of creating the “ever daunting” budget. Today I will talk about how I set up my personal budget last year, and how I will be doing so this year.  If you feel I forgot something, feel free to leave a comment.  Let’s get to it.

Step 1: Write down infrequent expenses. These things can creep up on you and throw you off your budget plan, so be smart, list them first.  This may include gym memberships billed quarterly, car insurance billed twice a year, etc. (2 minutes)

Step 2: Know what you make. If you have a clear picture of your income this process will be easy. If you aren’t 100% certain, a ballpark estimate will suffice. Note: this is Net income, not gross. (2 minutes)

Step 3: Know what you want to spend. If you make a decent income and want to spend and save, you could probably live off of 90% of your income. Either way, if you net $30K, set your budget for $29K. If you can afford more savings make the gap between the number in step 2 and step 3 as big as possible. (1 minute)

Step 4: Subtract. Subtract the infrequent expenses from step 1 from the number in step 3. This will get you your total habitual spending forthe year I bet you can guess what is the next step. (1 minute)

Step 5: Divide by 12. This number (step 4 divided by 12) is the number we are going to work with. (1 minute)

Step 6: Create categories. This gets a bit harder here, but don’t stress. To give you a start, my categories for my budget are:

  • Rent
  • Utilities
  • Groceries
  • Other Food
  • Hockey Expenses
  • Going Out Money
  • Entertainment
  • Student Loans
  • Car Payment
  • Transportation
  • Cell Phone
  • Miscellaneous Expenses (for random expenses, dates, etc.).

These categories are flexible, so treat them as such an do what works for you. (2 minutes)

Step 7: The dirty work. Subtract your fixed expenses from the number we got in step 5.  If that number was $2000 and you have $800 in rent $200 in loans and $200 in a car payment you will have $800 to work with. (2 minutes)

Step 8: Don’t be frightened, break it down. If you have $800 start breaking it down to where you want to spend. If you like to go out, allocate the most you feel you can there.  Here is where you get to make priorities and decide where you want your spending to go. (3 minutes)

Step 9: Write it down. This process is an act of futility if you don’t wrote down how much you want to spend in each category. This should be an easy guide to stick to your budget. (1 minute)

Optional Step 1: If you have enough income and want to create a seperate yearly budget for something like shopping sprees, feel free to keep a note of how much you are giving yourself to spend. If you are someone that goes on a shoe buying frenzy, you won’t be able to keep to the monthly budget without this category, so implement it (this will be the biggest change for my budget this year).

Optional Step 2: Budget your savings. Is your goal in 2010 to max out your Roth? Then budget out $416.66 a month to make it happen and reach the $5000 max.  This will work with any savings goal.

It ain’t so hard and this is the method that works for me.  Some people are really strict with their categories. I don’t feel i can be.  Some months I eat out a lot and go over budget, but that likely means I am well under my grocery budget.  I just slide that money over for that month. The key is to stay under your monthly number from step 5, not for you to stress that you can spend $50 in entertainment the last week of the month but spend -$12 on groceries.

Best of luck.  An honest attempt with the 15 minute budget can really set your finances up for success in 2010.

461 Responses to How To Build a Kick Ass Budget in 15 Minutes
  1. health clinic
    May 20, 2018 | 5:30 am

    Useful info. Fortunate me I discovered your website unintentionally, and I’m shocked why this coincidence did not happened earlier! I bookmarked it.

  2. health insurance
    May 20, 2018 | 5:31 am

    I like the helpful information you provide in your articles. I will bookmark your blog and check again here regularly. I am quite sure I will learn many new stuff right here! Good luck for the next!

  3. better health
    May 20, 2018 | 5:32 am

    Great blog here! Also your site loads up fast! What web host are you using? Can I get your affiliate link to your host? I wish my site loaded up as quickly as yours lol

  4. health and fitness
    May 20, 2018 | 5:36 am

    Excellent post. I was checking continuously this blog and I’m impressed! Very useful information particularly the last part 🙂 I care for such information a lot. I was seeking this certain info for a long time. Thank you and best of luck.

  5. health clinic
    May 20, 2018 | 5:36 am

    I do not even know how I ended up here, but I thought this post was great. I don’t know who you are but certainly you are going to a famous blogger if you are not already 😉 Cheers!

  6. homeopathic medicine
    May 20, 2018 | 5:54 am

    My wife and i ended up being really delighted when Michael could finish up his survey from your precious recommendations he made from your own weblog. It is now and again perplexing to simply find yourself handing out information and facts which often others have been making money from. Therefore we fully understand we need you to give thanks to because of that. The specific explanations you made, the easy website navigation, the friendships you will help instill – it is most remarkable, and it’s assisting our son in addition to the family recognize that that theme is interesting, which is really vital. Many thanks for the whole lot!

  7. health insurance
    May 20, 2018 | 6:02 am

    Wonderful paintings! That is the type of info that are supposed to be shared around the internet. Shame on Google for now not positioning this put up upper! Come on over and consult with my site . Thank you =)

  8. Home Product and Service
    May 20, 2018 | 6:15 am

    Hey, you used to write fantastic, but the last few posts have been kinda boring… I miss your tremendous writings. Past few posts are just a bit out of track! come on!

  9. Carmelo Karratti
    May 20, 2018 | 6:55 am

    SimplyJust want towish todesire to say your article is as astonishingamazingsurprisingastounding. The clearnessclarity for youron yourin yourto your postsubmitpublishput up is simplyjust spectacularniceexcellentcoolgreat and iand that i cancould thinkassumesuppose you areyou’re a professionalknowledgeablean expert in thison this subject. WellFine with yourtogether with youralong with your permission allowlet me to take hold ofgrabclutchgraspseizesnatch your RSS feedfeed to staykeep up to dateupdated with drawing closeapproachingcoming near nearforthcomingimminentimpending post. Thank youThanks a millionone million1,000,000 and please keep upcontinuecarry on the gratifyingrewardingenjoyable work.

  10. Home Product and Service
    May 20, 2018 | 7:50 am

    naturally like your website however you need to test the spelling on quite a few of your posts. Many of them are rife with spelling issues and I find it very troublesome to tell the truth however I will definitely come back again.

  11. Home Product and Service
    May 20, 2018 | 8:08 am

    Thanks for the sensible critique. Me and my neighbor were just preparing to do a little research on this. We got a grab a book from our area library but I think I learned more from this post. I am very glad to see such fantastic information being shared freely out there.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/how-to-build-a-kick-ass-budget-in-15-minutes/trackback/