Start with a plan. A very basic step-by-step plan is going to benefit you if you have no idea how to get ahold of your finances.
Within your plan, you will want to select a bank that you trust to keep your money safe. You will want to choose a bank that has services that will work to your benefit. Some of these services include: ATM access, checks, an online service, an app, etc. When selecting your bank, make sure you discuss with either a manager at the location or a customer service representative to review all of the important things you will need to know when opening an account. Ask lots of questions. It’s their job to answer them!
Once you have decided on which bank you’d like to open an account with, then you can begin to create your budget plan. Your budget plan can be as simple or as complex as you want it to be.
Here are some steps you can take toward creating a budget plan that is “you”-friendly.
Calculate your income.Where is your money coming from? How many different incomes are you collecting? Do you get paid weekly or bi-weekly? Calculate about how much you make in one year.
Keep track of your spending. For one month, make a list of everything you spend money on. This way, you’ll be able to see which items are necessary (food, bills, clothes, etc.) and which items you can survive without. You can keep track of your spending habits with a simple notebook, pen, and paper, or you can download an app that will help you to keep track of your habits.
Group your expenses. Your groups may look something like this: rent, bills, food, clothes, gas, entertainment (Netflix, movies, going out to eat, getting your nails done, etc.), and savings.
Decide on some goals. Are you spending way too much money on clothes and shoes, and not nearly enough money on food? Are you not able to make rent each month because you’re over-spending in another area?
In a new plan, calculate an amount of money that you need to set aside to spend on rent, food, bills (the necessities). From there, with the remainder of your monthly income, you can divide that how you wish, among the other categories you have created.
Keep your budget plan updated. Check in monthly. Make sure you are truly spending just what you need to spend, and saving some, too.