I cannot express enough the ease of creating a budget if you have the right tools. For some it’s frustrating and complicated.
I have also taken the simplistic approach. I don’t have time for complicated and convoluted spreadsheets. Ugghhh!!!
So I take a sheet of paper and list all my income. Then I list my major household expenses. I add them all up and get the total. I take the total and subtract it from my income total to see what I have left. Very simple.
If I’m over or in the red, meaning more expenses than income I make adjustments or find a way to make more income. Working overtime helped or doing a side gig.
Getting Fancy with Budgets
A few years ago I learned that a budget should or could be created using percentages. Each household category gets a percentage of your income.
That is too much for my mommy brain, but I did come across a budget calulator tool by Crown Financial ministries.
It’s a simple, yet handy calculator that will give you a picture of what your budget could look like no matter how much income you have.
Just put in your yearly income and it will tell you how much you should budget for each category. Simple. Easy. Quick.
Of course you can adjust things but it’s a great way to get started.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
