Daily Budget Planning
- 1). Add all of your fixed expenses for the year. This includes your mortgage or rent, car insurance, health insurance premiums and car payments.
- 2). Add your yearly semi-fixed expenses, such as utility bills, to your expenses total.
- 3). Determine how much you must spend yearly on other necessary things such as doctors' visits and home repairs. Add this to the running total of your yearly expenses.
- 4). Decide how much you would like to save each year. Include your desired savings, contributions to a retirement fund and savings for an emergency fund, college fund or vacation savings. Add all of this to your total expenses.
- 5). Subtract your total expenses from your income after taxes. This gives you the amount of money you have left over each year for variable expenses such as groceries, clothing and luxury spending. Divide this by 365 to get your daily spending budget.
- 6). Track your spending every day and compare it to your daily spending budget. If you want to buy large items, or even make a big grocery trip, you will have to spend less on other days to remain on budget.