What are the 7 steps of creating a budget?

The seven steps of creating a budget are:

1. Set Clear Goals: Define short-term and long-term financial objectives.
2. Gather Financial Information: Collect income statements, expense records, and any other relevant financial documents.
3. Categorize Expenses: Break down expenses into fixed and variable categories for better tracking.
4. Determine Income: Calculate total monthly income from all sources.
5. Create the Budget: Allocate income to various expense categories, ensuring all expenses are covered.
6. Monitor Spending: Track actual spending against the budget to identify discrepancies.
7. Adjust as Necessary: Revise the budget periodically to accommodate changes in income, expenses, or financial goals.