Budgeting 101: How To Create A Budget

July 7, 2021 | Daniel Dewitt

how to create a budget

Having a budget is the best way to track your spending and earning. If you are unsure of how to create a budget, it can seem like a daunting task, but it doesn’t have to be. This is a crash course in budgeting 101, so you can learn the basics of how to create a budget and start making yours. We also show you how getting title cash now can help in urgent times when budgeting alone isn’t enough.

Top 5 Tips For How To Create A Budget

Budgeting is not rocket science, and it does not require a college education, but it does take some practice. Here are the top 5 tips to help you learn how to create a budget so you can meet your financial goals.

Determine Monthly Income

The first thing you have to do to create a budget is determining your monthly income after taxes. It is very important that you calculate this after taxes, or you may be overestimating, which will cause your budget to fail.

If you are on salary and only have one form of income, this is pretty easy to calculate. Look at the last three paychecks you received and plan your budget based on the lowest one.

If you are paid hourly or for contract work, or you have more than one form of income, take the last three months’ worth of income and try making a budget based on the average. If you prefer to play it safe, use the lowest month’s income.

Calculate Fixed Monthly Expenses

Next, you need to know what your fixed monthly expenses are. These include things like rent or mortgage payments, car payments, and insurance.

Once you calculate these, consider other monthly payments that may vary from month to month but still need to be accounted for in your budget. These include things like gas for the car, groceries, and utilities.

budgeting 101 realistic goals

Set Attainable Financial Goals

After you have calculated your regular monthly income and expenses, you need to set a goal. Whether you want to start saving for retirement or your next vacation, pay off loans or medical bills, or even buy a house or a car, you need to have an attainable goal in mind.

Something like saving a million dollars a year might be attainable for some people, but the average person making $50,000 a year couldn’t attain this goal. Be reasonable, but also set a goal that challenges you financially.

For example, if you make $50,000 a year after taxes and you set a goal to save $500 a month towards a down payment on a house, this is a reasonable and attainable goal. You may have to eat out less or plan a staycation instead of traveling to Hawaii for the summer, but it is not an impossible goal.

Track Everything

This is probably the most tedious part of budgeting, but you have to know what you are spending and earning to meet your financial goals. Decide what works best for you. An app on your phone, something offered by your bank, a notebook you carry in your bag, or even a spreadsheet can all be used to making budgeting easier.

If you can get into the habit of tracking your spending and earning, you will naturally become more aware of how your daily money habits are affecting your progress to reaching your goals. You will also be more likely to start making better spending decisions on a daily basis.

Reassess Regularly

At some point in learning how to create a budget, you are going to realize that your first attempt might not be working. In fact, the first two or three attempts might not work perfectly. Don’t worry! Sometimes you need to reassess things to figure out what works for you.

Need Help?

If you are still trying to master the art of budgeting 101 and find yourself to be in urgent need of cash, you aren’t out of options.

Idaho Title Loans, Inc. is here to assist you. You can get a title loan in Idaho online. These loans are quick and simple to acquire.

If you have bad credit or no credit, you don’t have to worry. At Idaho Title Loans, Inc., we can help you get the money you need regardless of your credit situation since it is not a major deciding factor in our approval process.

What Are Title Loans?

Title loans are different from other types of traditional loans. Instead of being based on income or credit, you would offer the title to something you own, like a car title for cash.

Offering something as collateral basically means that you the lender’s assets are protected, which allows a simpler and easier approval process.

When you start the process for a title loan In Idaho with Idaho Title Loans, Inc., you can put your car title up as collateral, but you get to keep your car for the duration of the loan.

title loan in idaho

How Can I Get A Title Loan In Idaho?

A title loan in Idaho and those in other states may work slightly differently, but the basic concept is still the same. Some states require you to start the process in person, but you can start the process for a title loan in Idaho without having to leave your home, making it easier to get the money you need.

You can start by contacting us through the online loan form on Idaho Title Loans, Inc. An agent will evaluate your information and contact you to provide further instructions and answer any questions you may have.

The agent can even come to your location, which means you don't even have to leave your house to qualify for your title loan in Idaho.

this is what you'll need to get your title loan in Idaho: 

  • Your driver's license or a government-issued photo ID.
  • The vehicle itself for an inspection.
  • The lien-free title of the vehicle (registered in your name). 

Try to also have some banking information too. That way, you can get paid faster.

Get Your Title Loan In Idaho Today

Knowing how to create a budget is essential when you want to see growth in your savings and improvement in your financial situation. But life can still catch you off guard. When you are looking for loan options, consider a loan from Idaho Title Loans, Inc. Give us a call if you have any questions, or submit your inquiry today to find out if you qualify!