Step One: Add up your income To set up a monthly budget, you need to determine how much take-home pay you get on a regular basis.  If you get paid once per month, this one is easy - it's the amount of your salary that you 'take home'. If not, you'll need to do some math. If you don't get paid by the month, use the following chart: For weekly pay, multiply by 4.333 For every two weeks' pay, multiply by 2.167 For twice-a-month pay, multiply by 2 For irregular monthly income, divide by 12 You also want to make sure you add in other sources of income, such as interest income, alimony or maintenance, child support, rent, or other payments.  You should add all of these sources in your plan, as well.