Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr A Handy Checklist on Making the Perfect Budget Plan: Being a millionaire takes time and control. The first thing you have to do is master your finance. You can jump start it by creating your monthly budget. Sound simple? Well, it sounds like but, no. Crafting a budget that really works for you is tricky so here’s a quick checklist to help you with this.Income To start, you need to list how much you earned. Try to make two lists: planned and actual. Planned is the usual amount of your salary while the actual is what you really end up with.You also have to consider tax implications in your income. Only include the take-home pay so you don’t have to be confused in what you really have.Don’t include bonuses, overtime, and one-time pay. This will only mess up the whole plan. You can list this extra money for your savings or luxuries.Also if you have side hustles, try to do the math as accurately as it can be. Know the incoming rates, so you can prepare what you can spend. Expenses Utility BillsMeans of living are getting more expensive as time passed. Making this as a vital step in saving up money. Most of the utility bills have average amounts. Try to calculate your usual bills.Debt paymentsYour loans and credits may be the largest factor in your expenses. It’s advisable to only borrow money that you can afford to pay.So if you have monthly payments, include the amounts in your budget plan. This can also help you to keep track of how much you need to set aside to pay your dues.Plus, listing your debts will give you a clearer view on your financial obligations. Try to pay this as early as you can so the interset will not accumulate.If you have any problems with paying your debts, it might be tempting to look for other financial solutions but there are actions that can damage your credit score. Before you apply for loans and credit, you should be well equipped in playing this game. Hop over on this article: Everything You Need to Know About Your FICO Credit Score for more understanding on this topic.Special ExpensesWe all have special expenses we can’t avoid. Include this too on your budget and try to be realistic on the amount. If you really need to shell out a lot of bucks for your dogs’ birthday, don’t fool yourself by downplaying the expenses.To avoid cash shortfalls, cut back on other expenses like transportation and clothes. This can help you to offset the loss on your budget. Savings No matter how much we tried to avoid investing in savings, the fact of its urgency and benefits will not change. Admit it- at one point in your life, you will encounter a financial emergency. There will be a time your credit will be maxed out. Your salary can’t pay your expenses anymore. So, to avoid this tragedy, have a concrete plan for savings.Here’s a list of savings you should consider:Emergency,RetirementPersonalInvestment The bottom line Knowing in the first place your budget will do wonders in your financial life. You can predict your expenses. You’ll know if your job is not enough anymore on your lifestyle. Living life as an adult is really tiring. But, the relief that finally you master handling your money is unparalleled and goes a long way.