If you’re having trouble sticking to your monthly or yearly budget, here’s some free  advice!

Check out: How Do I Make Myself Stick to a Budget?

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Glossary

• essentials – things that are absolutely necessary
• utilities –  mean useful features, or something useful to the home such as electricity, gas, water, cable and telephone
• savings – portion of disposable income not spent on consumption of consumer goods but accumulated or invested
• allocate – distribute (resources or duties) for a particular purpose
• bottom line – the final total of an account or balance sheet
• accountable – required or expected to justify actions or decisions; responsible

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Think about it

Answer the questions below.

• When setting a budget will do no good?
• What is the  50/20/30 rule?
• What is so challenging about the 30 percent?
• What does the numer 77 refer to?
• In what way should you not be loyal?
• Why is it useful to have a money buddy?

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Practice makes perfect

Fill in the blank spaces with the missing words.

Good news: If you’re wondering how to stick ________ a budget, that means you’ve already come ________ the very adult realization ________ you need a budget. But don’t pop the (reasonably priced) bubbly quite yet. A budget is ________ good if you set it and forget it. Here’s a simple guide to putting your money ________ your math is.

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A personal budget is personal ________ a reason—it won’t be ________ same for any two people. That said, there are certain guidelines financial experts suggest ________ a starting point. One of the most fundamental is the 50/20/30 rule. In this scenario, 50 percent of your total take-home or net income should go ________ your essentials. This includes things like housing, utilities, food, and transportation. (And yes, this applies even ________ you live in a pricey area: The idea is that if you rent a relatively expensive apartment in NYC, perhaps the payoff is that you don’t need a car to get to work.) The next 20 percent goes to savings, including things like debt payments, 401(k)s and other ________ plans. The final 30 is ________ to use as you please. But don’t forget that it includes a lot ________modern times—your cell phone bill, streaming services, clothes and travel and dinners with friends.

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