What should you do before beginning to design a budget?

Question

this is for this thing called JA that i have to do for my school and i really don't know the answer please help if you know

Answer 1

List all the sources of income and how regular and consistent the income is

Then list all the expenses and the average amount as well as how often they occur

Answer 2

You will need to determine your income after taxes are withheld. If it changes from week to week or month to month take a low average. You'll need to make a list of all your fixed and variable expenses and don't forget the occasional expenses like quarterly insurance payments or annual license plate costs. You'll need to account for housing, transportation, food, as well as your disposable income from magazines to cleaning products to entertainment to hobbies to pet costs. A good way to prepare a budget is looking at an existing checkbook register for the past year. Where has your money been going? Because you cannot have everything you want, it's wise to prioritize your needs and then your wants. Make an allowance for unexpected needs like car repairs, temporary loss of income, and things like that. Arrange for a savings account contribution to help save up a cushion of 3-6 months of living expenses just in case of employment layoff or disability. Also keep in mind that gas prices are going up so account for them not only in your car's tank but in the cost of other goods you buy.