Young adults are taught many things in school, but simple home economics concepts like balancing a budget are often overlooked. Without a plan, it's nearly impossible to meet the savings goals individuals and families need to reach their financial freedom.
In this article, we're going to explain the basics of household budgeting. This includes how to identify a home's sources of income as well as mandatory and discretionary expenses. We're also going to talk about savings targets, and why they're important.
Finally, we're going to finish up with a template that everyone can use to create their own monthly budget.