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Home » Getting Started » Financial Aid » Financial Literacy » Budgeting

Budgeting

A budget is simply a plan to control resources and expenses. The purpose of creating a budget is to meet needs and wants with available resources and to avoid spending more than you have. 

Creating a Budget:

  1. Keep track of your spending. Use a spreadsheet to keep track of how much you spend a month. Make sure to include everything, even that morning stop for a cup of coffee.
  2. Compare your monthly expenses to your monthly income. If your monthly expenses exceed your monthly income, then you will need to find ways to reduce your expenses. 
  3. Create a budget. Form a spending plan by keeping in mind your short-term and long-term goals. You will need to differentiate between items that you want versus items that you need. By setting up your budget, you will be able to identify expenses that can be reduced.
  4. Stick to your budget. Reevaluate your income, expenses and goals as you progress through life. Budgets will constantly change.