Monthly budgeting can be hard if you’ve never done it before. When you’re just starting out it’s hard to determine which bills to pay and which bills to put off until another time. In theory, you should pay all bills as soon as they come in. There are some people that do this. If you’d like to be this type of person, then you should start out by not accumulating a lot of debt in the first place. There are some bills that are necessary.
You will need to have transportation, a roof over your head, telephone service and utilities. You will need groceries and necessities like toiletries etc. You should have one credit card to build your credit rating, and many people have student loans to get the education they need to make money in the first place. Some people also need internet for their homes and cable TV. These are preferences for some and necessities for others. In any event, these are the standard bills that you are likely to have. A lot of people will have many more bills than this because of desire and not need.
If you want to be one of those people that pays every bill right away, then aim that necessary bills are the only bills you have. You should not have any excess bills. You should have a monthly budget for food and necessities that you don’t go over for any reason. You should also have manageable rent and utilities. If you can go without cable TV and internet then you should.
The list of bills above is also the list of bills that you should pay first if you are in doubt about which bills to pay first. Many people have multiple store credit cards, and entertainment memberships. They have all sorts of unnecessary electronics and product purchases for items they never use. These bills pile up and become detrimental excessive debt. The truth is you only need the things listed above, and you can add one thing every year. If you want something like an exercise machine or a cool new speaker system for your car, then you should think about it for 3 months before you make the purchase. You should only make one purchase like this every year if you want to be able to manage your debt without help.
Other than that focus on your main bills such as transportation, housing, telephone, gas, water, electric, incidentals, food, student loans, one credit card, cable and internet. If you want to add entertainment like bars and restaurants to your budget, that’s normal, but you should stick to your budget without budging. If your budget is $50 a week, then stick to it, and go out on a night when they have one dollar shots or go to cheaper restaurants. With budgeting like this, you will be able to afford expensive restaurants soon enough.