One way of keeping track of your household finances is to develop a budget. This is a list of all your expenses and the estimated cost of each expense. Developing and following a budget should ensure you do not spend more than you earn. A budget can be planned on a weekly, fortnightly or
monthly basis. Usually it is a good idea to budget according to the timing of your income. For example, if you are paid weekly, compile a weekly budget. A budget should list all fixed expenses (those that you cannot change; for example, rent) and all variable expenses (those that may vary over time; for example, food and electricity).
Using all the information that we have collected through out this process we will attempt to create a budget for 6 months of 'being independent' living out of home.
