{"id":8714,"date":"2023-06-05T13:42:56","date_gmt":"2023-06-05T13:42:56","guid":{"rendered":"https:\/\/teeviit.ee\/youth-info\/why-should-i-create-a-monthly-budget\/"},"modified":"2023-06-05T13:53:49","modified_gmt":"2023-06-05T13:53:49","slug":"why-should-i-create-a-monthly-budget","status":"publish","type":"post","link":"https:\/\/www.teeviit.ee\/youth-info\/en\/why-should-i-create-a-monthly-budget\/","title":{"rendered":"Why should I create a monthly budget?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"8714\" class=\"elementor elementor-8714 elementor-8699\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bed3dd7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bed3dd7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ce5d939\" data-id=\"ce5d939\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-59ab09d elementor-widget elementor-widget-text-editor\" data-id=\"59ab09d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>The purpose of a budget is to gain an overview of your income and expenses \u2013 to write down all you bring home (your wages, but also things like benefits, scholarships and rental income) and spend during the month.<\/b><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e68ebc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e68ebc\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2efd641\" data-id=\"2efd641\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0e4e748 elementor-widget elementor-widget-text-editor\" data-id=\"0e4e748\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>How much is your income?<\/b><span style=\"font-weight: 400;\">\u00a0This is particularly important if your income comes from multiple sources (multiple jobs, odd jobs, etc) and possibly on different dates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>How much do you spend?<\/b><span style=\"font-weight: 400;\">\u00a0You can see whether you spend more than you earn (eg are living on savings) or whether you are moving towards your financial goals.<\/span><\/li>\n<li><b>What do you spend it on?<\/b><span style=\"font-weight: 400;\">\u00a0If you do not have a budget, it is easy to lose track of where the money goes. When you start budgeting, you might discover that you are spending an unrealistically high amount on eating out or buying clothes.<\/span><\/li>\n<\/ol>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-abd878c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abd878c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dff5767\" data-id=\"dff5767\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-04c2834 elementor-widget elementor-widget-text-editor\" data-id=\"04c2834\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A fairly common misconception is that there is no point in budgeting if you have little money. It is actually the opposite \u2013 if money is tight, you should be especially mindful of how you spend it. Also think about whether you have any opportunities to increase your income.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When you start budgeting and want to get an overview of your income and expenses, you should prepare a budget in as much detail as possible. For example, separate what you spend on groceries and eating out, your rent\/mortgage and all communications services, clothes and hobbies, and entertainment. You can change the budget later based on what you need and want.<\/span><\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5e2df92 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5e2df92\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-11fd6e6\" data-id=\"11fd6e6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-418e80c elementor-widget elementor-widget-text-editor\" data-id=\"418e80c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">It is important to write down even the smallest of purchases because small expenses add up to quite a large amount by the end of the month.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once all your expenses are written down in detail, you can see the so-called black holes where your money goes. You might also discover that some expenses take up too much of your budget, such as work or school lunches in cafes.<\/span><\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6f1be95 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6f1be95\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea86c97\" data-id=\"ea86c97\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8ff98ae elementor-widget elementor-widget-image\" data-id=\"8ff98ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/2023\/06\/adobestock_34870028_vaiksem-scaled-1-1024x682.jpg\" class=\"attachment-large size-large wp-image-8702\" alt=\"\" srcset=\"https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/2023\/06\/adobestock_34870028_vaiksem-scaled-1-1024x682.jpg 1024w, https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/2023\/06\/adobestock_34870028_vaiksem-scaled-1-300x200.jpg 300w, https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/2023\/06\/adobestock_34870028_vaiksem-scaled-1-768x512.jpg 768w, https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/2023\/06\/adobestock_34870028_vaiksem-scaled-1-1536x1024.jpg 1536w, https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/2023\/06\/adobestock_34870028_vaiksem-scaled-1-2048x1365.jpg 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e78a878 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e78a878\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-df86731\" data-id=\"df86731\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44e4a64 elementor-widget elementor-widget-text-editor\" data-id=\"44e4a64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After you have budgeted for a month, you then have an overview of how much you spend on a certain type of expense per month. If you want to, you can now set limits in the following months for each type of expense and take steps to reduce the proportion of these expenses. For example, set yourself a goal to reduce the amount spent on lunches by 50% by preparing your lunch at home at least half the time. Going forward, you can increase the number of times you eat a homemade lunch.<\/span><\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-781eb65 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"781eb65\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8dcb9a\" data-id=\"e8dcb9a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-348a29b elementor-widget elementor-widget-text-editor\" data-id=\"348a29b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Since you know many expenses beforehand, such as birthdays and other events, it makes sense to include them in the monthly budget and, if necessary, start saving money in advance.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be consistent and establish a system for how and when you write down the expenses. You can use Excel, a Google Drive document, the budget form of minuraha.ee or an app. In addition, figure out the right time to write down your expenses, be it every evening or once a week. Do what is right for you!<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Set yourself a goal of how much you can spend on each type of expense in a week\/month and see that you adhere to it. This helps you keep your finances under control (providing security) or save up for goals important to you.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Teeviit wishes you successful budget planning!<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-299df454 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"299df454\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f5889e2\" data-id=\"1f5889e2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1d9a18f0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d9a18f0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-166ed9e8\" data-id=\"166ed9e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a506761 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3a506761\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67b471fe elementor-widget elementor-widget-text-editor\" data-id=\"67b471fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><i><span style=\"font-weight: 400;\">Source: minuraha.ee website<\/span><\/i><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41ebee8f elementor-widget elementor-widget-spacer\" data-id=\"41ebee8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f7b76d7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f7b76d7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-701268f4\" data-id=\"701268f4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1cdc46e2 elementor-widget elementor-widget-image\" data-id=\"1cdc46e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.teeviit.ee\/youth-info\/wp-content\/\/uploads\/unlimited_elements\/Teeviit_logo_2022_varviline.svg\" title=\"Teeviit_logo_2022_varviline_image\" alt=\"Teeviit_logo_2022_varviline_image\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3a246ed9\" data-id=\"3a246ed9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ab16f85 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"5ab16f85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Article was written by youth info portal Teeviit.<\/em><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The purpose of a budget is to gain an overview of your income and expenses \u2013 to write down all you bring home (your wages, but also things like benefits, scholarships and rental income) and spend during the month. How much is your income?\u00a0This is particularly important if your income comes from multiple sources (multiple [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[513],"tags":[],"class_list":["post-8714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rahatarkus"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why should I create a monthly budget? - Teeviit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.teeviit.ee\/youth-info\/en\/why-should-i-create-a-monthly-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why should I create a monthly budget? - Teeviit\" \/>\n<meta property=\"og:description\" content=\"The purpose of a budget is to gain an overview of your income and expenses \u2013 to write down all you bring home (your wages, but also things like benefits, scholarships and rental income) and spend during the month. 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