Checklist #01 · Budgeting
Monthly BudgetSetup
A step-by-step system to build a realistic monthly budget, categorize expenses, and align spending with your financial priorities — before decisions get made for you.
29 action items~20 min to complete6 sections
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Know Your Income
0/6 completed
Calculate your total net monthly take-home payKey
Add any secondary income streams
Account for irregular income monthsWatch out
Separate one-time income from recurring income
Set your "budgetable" income numberKey
If dual income household, decide on joint vs. separate budgeting approach
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$5,240
U.S. median household monthlytake-home income (2024)
67%
of Americans who live paycheckto paycheck lack a formal budget
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Map Your Fixed Expenses
0/6 completed
List every recurring monthly bill (rent, mortgage, utilities)Action
Audit all subscriptions and membershipsWatch out
Include all minimum debt paymentsKey
Add insurance premiums paid out-of-pocket
Calculate your total fixed expense floorKey
Flag any fixed expense exceeding 30% of incomeWatch out
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Track Variable Spending
0/5 completed
Categorize variable spending from the last 3 monthsAction
Calculate 3-month average for each category
Identify your top 3 discretionary spending categoriesKey
Budget for irregular but predictable expensesWatch out
Set a spending limit for each variable category
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Apply a Budget Framework
0/5 completed
Test the 50/30/20 rule against your actual numbersAction
Choose a budget method that fits your behaviorKey
Assign a "miscellaneous" buffer (3–5% of income)
Ensure your savings rate is clearly defined and automaticKey
Confirm your budget balances to zero (income − all allocations = $0)
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Align to Goals & Savings
0/4 completed
Define your top 1–3 financial goals for the next 12 monthsKey
Calculate required monthly savings per goal
Open separate savings sub-accounts per goal
Verify savings goals are funded before discretionary spending is allocatedKey
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Review & Sustain
0/6 completed
Schedule a monthly 15-minute "budget check-in" on your calendarAction
Choose a budget tracking tool and commit to it for 90 days
Revisit and update your budget whenever income or major expenses change
Calculate Drift From Target AllocationAction
Review Expense Ratios Across HoldingsKey
Assess Recent Performance Attribution