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What is home budget?

Updated: 11/2/2022
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8y ago

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A home budget is a snapshot of your income and expenses, usually expressed over a period of one month. After adding up all of your sources of income, you have established your total amount available to spend.

Next, total all of your individual monthly expenses. This may range from your rent or mortgage payment right down to the daily cup of coffee or a magazine. Your budget can be as complex or simple as you need it to be, as long as you honestly estimate your expenses.

Your budget should actually balance. A surplus means that you probably are not committing enough to saving. A deficit means you are overspending.

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