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How to Create a Budget in 6 Easy Steps

Single Moms Talk / July 5, 2017

When I hear the word budget, I cringe. I mean, it makes me anxious. I break out in a cold sweat…I mean, it literally terrifies me and because of this, I am in debt. My credit cards are maxed out and I need to get my shit together. You see, I’m no spring chicken, 43 years-old to be exact, and I have never been on a budget (that’s my damn problem). With all my business out there now, we are going to take these steps together to learn how to do a budget.

Word on the street is, that before you start a budget, you need to decide on doing it manually or electronically. Doing it manually, you will be filling out the info yourself or inputting it into a spread sheet, while doing it electronically, you’ll use some type of budgeting software.  I will go old school and do it manually because that just works better for me.

Calculate Your Monthly Income

The first step to creating a budget is calculating your monthly income, make sure you that you include all sources of income. Your income is what you will be subtracting your expenses from.

To make it simple, your income will be what you actually take home, after taxes, etc. If you have a business or a side hustle or two, make sure you include that income on your budget, as well. Sometimes when you have a side hustle, your income can be a bit inconsistent, so take the average of the last three months and add that to your income.

Here’s an example.

At the top of the budget or in the appropriate entry on your spreadsheet, list your income, line by line:


  • Take home pay from job: $4,000
  • Babysitting income: $500
  • Blog income: $400

Add Your Fixed Monthly Expenses

Next step is to list all of your monthly expenses.

List all of your fixed expenses. These are expenses that you have to pay very month, this includes any debt that you have, as well. For example, you should list your mortgage/rent, electric, cable, gas, water, gas, student loans, credit cards bills and groceries, to name a few.

If you are like me and have never done a budget before, gathering all your bills together may be a bit exhausting but look at it this way, at least you don’t have to do this part every month unless you need to add some new bills. It’s just very important that you are adding in everything that you need to in order to get accurate numbers.


  • Rent: $1,400
  • Electric Bill: $60
  • Gas Bill: $20
  • Groceries: $250
  • {Fill in the blanks will all your mandatory expenses}

It’s better to be more inclusive when you’re getting started. Break out every line item as an expense in your budget. You can always combine later. This will help you stay on track more easily.

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Ty Knighten
Ty Knighten knows a thing or two about relationships and dating. A single mom from Calif., Ty decided to turn her experiences in love and relationships into a blog. Written with plenty of sass, her mission is to help women empower themselves to realize love, success and confidence through her articles. She writes about dating and relationships from the perspective of a single mom but adds insights that will help women and men as they maneuver through the confusing world of dating and relationships. You can reach her on Twitter @UHeardMeRight, on Facebook at The Sexy Single Mommy or connect with her on Google+ and Instagram at chocoty.

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