Frugal Budgeting

Item #1.  First and foremost in your new frugal life is your job and/or income.  You could be living on a fixed income, making minimum wage, thousands a day or any amount in between. This figure will most likely change periodically.


Other Income:

Item #2. List your basic needs, only the basics such as food, basic clothing, transportation and shelter here.


Basic shelter essentials rank 10
Basic healthy food essentials rank 10
Basic clothing essentials rank 10
Education, books for study, tools for your trade rank 9
Essential transportation, vehicle repair and insurance, rank 9

Savings:  A percentage of your income

Item #3. Needs Savings,  this is for long term educational, retirement or for purchasing items on your needs list. Now realistically examine your future career goals, housing dreams, and essential vehicles and how they may improve your life to and how much you will need for this, rank 9

Extras: Amount after you subtract items #2 and #3, hopefully a positive number.

Item # 4.  Extras List
High quality items that can be maintained and will last for years, such as career attire and shoes, rank 7
High quality items that can be maintained and will last for years, such as sporting goods, sportswear, fitness or dancing shoes rank 6

Item #5 Trendy items – club wear, tech rank 5

Item #5. Extras Savings, to purchase major wants in life that you cannot currently afford with the extras money, that give your life some extra meaning. For example vacations, boats, second homes. These should be rank 5

Item #6 Entertainment Expenses rank 5

Item #6. Money for habitual shopping  or gambling to be used very sparingly, rank 2

Item #7. Items that are detrimental to health such as cigarettes should be ranked 1, only to be purchased rarely if ever.