Figure out what you need to save for your future plans. An easy way to do that is to use this calculator to help you determine how much you should save each month to reach your goals.
- Measure Your Income
Once you determine your ideal number, it's time to figure out how to budget. List your income. That may include alimony, child support, early distributions from a pension, rental property income and more.
- Review Your Expenses
Food, shelter, transportation, child care and utilities are the big ones, but don't forget entertainment, pet care, personal care, and perhaps even elder care.
- Tally It Up
Subtract your expenses from your income to see what you have to put toward savings.