How to Start a Budget in 2022

Let’s tackle new years resolutions of saving money by creating a budget that will work for you in 2022. Keep reading for some more tips on how to save money in a customized budget for your life.

List out all of your expenses for the month

The best way to start on your budgeting journey is to make sure you are aware of all of the expenses that you have each month, quarter, and year. This is a great way to know exactly what you are spending each month, and where things are going. 

Prioritize your Payments

You are able to budget and pay for your expenses through the payments you are getting each month. Now that you have the amount of money you are spending each month figured out, it is time to calculate how much money you have coming in. Once you have that amount, the next step is to prioritize where you want your money to go. If saving for a big event in your life is a top priority in savings, that might be higher on your budget than money for eating out.

We recommend using these budget percentages when creating your budget: 

  • Charitable Giving: 10-15%

  • Savings: 5-10%

  • Housing: 25-35%

  • Utilities: 5-10%

  • Food: 5-10%

  • Transportation: 10-15%

  • Clothing: 2-7%

  • Medical/Health: 5-10%

  • Personal: 5-10%

  • Recreation: 5-10%

  • Debts: 5-10%


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Stay consistent with your budget

It’s true in most aspects of life - but consistency is key. Sticking to your budget will be the most effective way to achieve your savings goals and ensure that your money is going directly where you need it. 

More Useful Tips

Make sure you are tracking and staying up to date on all of the subscriptions you have under your account. These subscriptions are each going to count as a charge each month, and making sure you know that each one is coming will allow you to stick to your budget. Not using some of your subscriptions? Cancel the ones that no longer serve you or have as much importance and save the money, or put it into different spending categories. 

If your income is not a consistent amount each month, consider creating a budget that focuses on percentages rather than exact dollar amounts. This way you are still able to have the amounts you would like in each category while adjusting to your income.


Eric WilliamsCertified Financial Planner, Investment Strategies, Retirement Planning, Risk Management, Competent Investments, Financial Budgeting, Des Moines Financial Advisor, When to hire a financial advisor, What does a financial advisor do, How do I know when to work with a financial advisor, Iowa Financial Advisor, Budgeting, Worth, budget, New Year, New Years Resolutions, Saving, Saving MoneyComment