#Personal budget budget pie chart how to

Use the Shoeboxed app to scan your receipts.

Instead of individually inputting the information from your receipts into a spreadsheet, you have two options: Shoeboxed is an expense-tracking app that can help you manage your expenses. This option can be tedious, but it provides precise tracking and spending.Īlternatively, you can keep all of your receipts and input them at the end of the day. One way is to immediately note when you receive and spend money. There are many different strategies to track your expenses. Strategies to track expenses with budgeting pie charts Using a budgeting pie chart to scrutinize your expenses, rather than numbers on a spreadsheet, makes money allocations easier to interpret.Ī pie chart helps break down each category of where you are spending, allowing you to adjust your spending as needed.

#Personal budget budget pie chart how to

How to create a visual budget pie chart for your monthly spending, Doug Gryboski What are the benefits of using a budgeting pie chart?Ī visual aid, like a pie chart, can be useful to see how much you’re spending and where your money is going. Wants (entertainment, shopping, eating out, monthly subscriptions).Financial properties (student debt, car loan, savings).Necessary expenses (rent/mortgage, transportation, groceries, utilities).You should have 4 overarching categories with subcategories based on the 50-30-20 rule. 20% on savings (short-term and long-term savings goals such as an emergency fund or retirement savings)Įxample of a personal finance budget pie chart, Vizzlo How do you create a budgeting pie chart?įirst, you need to create a spreadsheet of your expenses.30% on wants (vacations, dinners out, gadgets).50% on needs (rent/mortgage payments, food, clothing, transportation, utilities).This rule divides your income and spending into the 3 categories below: Many online and financial resources such as NerdWallet and Investopedia have the 50-30-20 budgeting rule. When you don’t have debt or loans to pay, you will have more money to spend on fun activities or build up your savings, retirement, and investments. The average adult takes 21 years to pay off their school-related debt.Īt the same time, loans such as cars and mortgages have repayment plans that can take 5, 10, and sometimes 30 years.Īdditionally, loan and debt payments have interest that will occur over time, increasing budgeting needs. Whether or not you have any loans or other debtsĭo you have any school debt, personal loans, or car loans that need to be paid off? Knowing your spending style lets you see where your money is going. What your lifestyle is likeĪre you the type of person who eats out often? Do you live a minimalist lifestyle?Ī more extravagant life means you must allocate more of your income toward these expenses.Ī minimalist lifestyle allows you to allocate your money to other budget categories. Getting paid regularly makes it easier to track your spending, and you won’t have to worry about a set monthly allowance.Īn irregular pay cycle can make budgeting and planning for the future more difficult, as it’s hard to predict when your income will arrive. Knowing how often you get paid will help you keep track of and spread out your expenses throughout the month. How often you are paidĭo you get paid biweekly, monthly, or irregularly? The main factors that should be considered are the following: a. There are various factors to consider depending on where you live and your financial situation. Consider the factors that go into budgeting It’s a good idea to research your country’s ideal budgeting rules before creating a budget. In other countries, budgeters may be taxed only on their earned income and not on capital gains or investments. Think about your income and tax lawsĭepending on your country, different budgeting techniques and tax laws may apply.įor example, in the U.S., people need to consider taxes such as federal and state taxes. What should you do before creating a budget? 1. Strategies to track expenses with budgeting pie charts.

What are the benefits of using a budgeting pie chart?.How do you create a budgeting pie chart?.Whether or not you have any loans or other debts What should you do before creating a budget?.