Posted on Saturday, January 22, 2011
One of the hardest parts is for people to realize that your budget is not to be based on your full paycheck. It should be calculated after taxes and after you’ve already taken money out for your savings. Determine what your take-home pay is each month, then subtract about 10 percent for contributions toward savings. That leaves you with money you can throw toward things like transportation, debt, and mortgage or rent payments.