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Frequently Asked Questions
How do I start budgeting if I've never done it before?
Start by tracking your income and expenses for one month. Use our budget planner to categorize everything, then identify areas where you can cut back. Begin with small, achievable goals and build momentum.
What percentage of income should go to housing?
The general rule is no more than 30% of gross income on housing costs (rent/mortgage, utilities, insurance). In expensive areas, this may stretch to 35-40%, but try to keep other expenses proportionally lower.
How much should I budget for food?
Food typically accounts for 10-15% of your budget. This includes groceries and dining out. Track your spending for a month to see your actual costs, then set realistic targets for reduction if needed.
What if my expenses exceed my income?
First, review all expenses and cut non-essentials. Look for ways to reduce fixed costs like insurance or subscriptions. Consider increasing income through side work or asking for a raise. Avoid using credit cards to bridge gaps.
How often should I review my budget?
Review your budget monthly to track progress and make adjustments. Do a more comprehensive review quarterly or when major life changes occur (new job, moving, etc.). Regular reviews help you stay on track.
Should I budget for fun and entertainment?
Absolutely! A budget that's too restrictive often fails. Allocate money for entertainment, hobbies, and discretionary spending. This makes your budget sustainable and prevents overspending impulses.
How do I handle irregular income?
Base your budget on your lowest expected monthly income. During higher-income months, put the extra into savings. Consider the envelope method - setting aside money for fixed expenses first, then allocating the rest.
What's the best way to track expenses?
Use whatever method you'll stick with - apps, spreadsheets, or pen and paper. Many people use a combination: automatic tracking for regular expenses and manual entry for cash purchases. The key is consistency.