The first step in creating a budget involves listing income sources and amounts, followed by calculating net income and planning for a savings amount.
The first step to creating a budget is listing income sources and amounts. This step is crucial as it provides an overview of the money coming in, which is a fundamental aspect of budgeting.
Once income sources are identified, determining net income by subtracting expenses from income follows. This helps in understanding how much money is available after covering expenses.
Planning for a savings amount is also essential in a budget, but it typically comes after listing income sources and calculating net income.
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