6 Steps To Creating A Financial Budget

September 29, 2018

“You must gain control over your money or the lack of it will forever control you.” ~ Dave Ramsey

Creating a financial budget is not difficult. It may take some work and dedication, but if you keep up with it, then you’re all set.

In my recent post, I mentioned why a budget is needed for EVERY occasion. It really is. Whether you want to travel, pay your bills, save money for big buys, or even just buying a car, a budget is essential to make your dreams or goals to come into reality.

In this post, I will provide you with some steps I take to create my financial budget. Doing this on a bi-weekly basis has helped me to create and consistently manage my budget for the things I NEED but also create a financial budget for myself when there’s a WANT to buy.

Before I begin, here are some supplies I use to create this financial budget of mine: Pen or Pencil, Journal, Organizational Folder, Calculator, and

Here the steps that are going to be discussed:

  1. Write Down My Income
  2. Record My Bills (Due Dates & The Amount)
  3. Write The Every Day Buys
  4. Place Cash In Envelope
  5. Using for Bill Reminders
  6. Sticking To It

1. Writing Down My Income

The most important thing I do is write down my income. To do that, I look at my bank account and look at my last paycheck.

Now if there is inconsistency in my income, which I have experienced quite lately, then I write down the last 2-3 paychecks. This will ensure me to know how much I will be making in my next paycheck.

2. Record My Bills (Due Dates & The Amount)

So after writing down my income, I am going to write down the bills that need to be paid for the current month or the bills that are coming soon within the month.

Plus, I am going to write down the amount for each bill. For me, I like to round each of my bills because if I need to go to the bank and take out cash, I know the amount I need to take out.

I write my bills, the dates, and their amount on a small notebook. So when I need to look at back at my the dates or amount I need to pay, I know what I need to do.

3. Writing Down The Everyday Buys

My everyday buys are gas and groceries. So I also place it into my bills, because they’re IMPORTANT.

Since I know the amount of gas my car can take in, I write down the amount and use that amount weekly. I don’t go out very much so I’m pretty good at saving money on gas.

My groceries varies so one thing I do is write down everything I specifically need, rather than want. So my needs are like water ( I don’t drink milk), fruits (banana, grapes, and oranges), and other things that I gather to be important.

Making a list prior to grocery shopping is great so you don’t have to forget what you need to buy but also not adding things you don’t need.

I sometimes make a grocery list on what I want to cook for the week which also saves me money. If I have enough money to spend on groceries than I would buy some items in bulk. That saves me money in the long run.

One thing that I do when I go grocery shopping is saving my receipts. This way I can know what items cost what, and when I go grocery shopping again, it’s easier to go in and out of the store. Since receipt ink does fade over time, I use a journal to document the products I buy.

4. Place Cash In Envelope

After writing down all my important bills and buys, I add them up using a calculator. After adding them up, I round them up since I want a clear amount of what I need to pay each month.

All my bills, in which I pay online, will be kept in my bank account.

If I have some money remaining after paying all my bills and must-buys, I either use some of that money to spend or keep it in my bank account until I wait for my next paycheck.

The only reason I would head to the bank is to retrieve cash that I need to use for my groceries, my gas, and saving money for something important.

After heading to the bank, I take out the amount of cash I need for the week and place it in my small organization folder. This item has helped me a lot.

5. Use for Bill Reminders

I found out about Mint through another blogger a long time ago ( I forgot their name). But this site currently helps me see all my bills in one place, reminding me to pay all my bills on time. This happens when I link my accounts to Mint.

If I don’t have my journal with me, then I use to look over my bills. is not just a bill reminder but it has other features. Such features include a credit report, advice on how you can make more or save money based on the bills that you’re currently paying, a goal section, and a budget creator.

6. Sticking To It

The last thing I do is stick to this routine. Pretty simple. It’s all about dedication and self-discipline.

As mentioned, I go back and make adjustments to my budget whenever my income comes into my bank account.

Extra: Other than having a budget, I use these tools to help me add a little income:

Ibotta – With this app, I can retrieve points from the everyday product I use. The rewards come in cash through PayPal, Venmo, and a variety of gift cards you can choose from.

NCP Panel – This is a scanning app. I just go to the store, scan all the products I’m going to buy, type in the price of the product (stores varies), and the total amount I paid for the product I bought.

The rewards come in the form of Amazon gift cards, iTunes, and overstock gift card. The payout is getting 25000 points, which is $25. You can also take surveys to add up your points quickly.

Receipt Hog – This is by far my favorite. All I have to do is scan my receipts and I’m done. The rewards come in the form of cash through PayPal, Amazon, and Visa gift card.

Shopkick – This is pretty similar to Ibotta but slightly different. With this app, I can just ‘walk-in’ the store they refer me to and earn points. I can also receive points when I scan products in the same store if it is in the app.

In addition, when I link my account to the app, I can also receive points when I buy a product they recommend or that I buy on the regular.


There you go!

I showed you the way I create a financial budget using my the supplies I mentioned above. To begin budgeting, you always start with knowing your income. After you determine your income, you write down the bills, things that you need to pay on a weekly, biweekly, or monthly basis.

Do you have a budget? How do you manage your money? Let’s chat!

Until Next Time,

Simply Alia

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