Step Two: Limit Your Needs to 50 Percent of Your After_Tax Income. Now go back to your budget. How much do you spend on "needs" each month, things like groceries, housing, utilities, health insurance, car payment, and car insurance? According to Warren and Tyagi and their 50ቺተ rule, the amount that you spend on these things should total no more than 50 percent of your after_tax pay.
Creating a budget _ by Better Money Habits. Whether you're looking to create a personal budget spreadsheet or just get a better grasp on money management, start with these six steps. Whether or not you use a budget spreadsheet, you probably need some way of determining where your money is going each month. Creating a budget with a template can help you feel more in control of your finances and let you save money for your goals. The trick is to figure out a way to track your finances that works for you. The following steps can help you create a budget.