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Budgeting

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by It Make$ Cents! on 1 October 2013

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Transcript of Budgeting

Future Financing:
Don't Budge,
Budget!

A budget is a plan to successfully manage expenses to make sure you don't out spend your income and resources
What is a Budget?
The first step
Gather Information
How much money do you have?
To set up a budget you must ask yourself these questions
Planning
Incomes
Determine your personal income sources
-Net Paychecks
-Financial Aid
-Savings
-Other Sources such as gifts and money from your parents
Expenses
Figure out where your money goes each month
Budgets can be set for yearly, monthly, weekly, and in some cases day-to-day plans depending on the scope of what is being budgeted
How committed are you to a budget?
Where does your money go?
How much do you owe to others?
-Clothing
-Food
-Transportation
-Entertainment
-Utilities
-Rent
-Other expenses
Set Goals
Make clear, specific plans directly related to a desired outcome in achieving a goal
AND
Income less
Expenses
By subtracting expenses from your income you'll be left with your net income
A positive number means you have money left over to save or invest
A negative number means you need to find places to either cut expenses, increase incomes, or dig into your savings
Tracking
Fitting your goals in
Make sure to budget savings for an emergency fund that has 3-6 months of your expenses in it
Develop your
You'll need a way to track and evaluate your budget to make sure you are sticking to the plan
own system
Spreadsheet
or Excel
A simple way to record what you've spent, and organized by yourself the way you want it
But it can be difficult to remember to track all expenses and incomes
Mint.com
Reviewing
Online
Resources
There are many other resources for keeping track of your budget available online
If you have an online bank account they may offer budgeting tools tied in with your checking and savings accounts
Find what works
for you!
It may be one, none, or multiple of the sources we listed, but the key is to track everything and stay within your budget
Reviewing your budget
It's important to regularly review your budget and make sure you are on course for success
Estimates vs. Actual
Making sure all your budgeted estimates are close to your actual incomes and expenses is a key to being successful in your budgeting
Adjust as Necessary
Things change, sometimes expenses go down or get erased completely while others add up
Active management is key to making your budget work for you
There is Help for you!
If you need help, it is your responsibility to find it in whatever form you need it, but know that it is never far away
It

MAKE
$

Cents!
Email: ItMakesCents@uwlax.edu
Financial Aid Office:
215 Graff Main Hall
www.uwlax.edu/itmakescents/
Follow us on
Twitter
! @ItMakesCentsUWL
Here is a good Monthly budget spreadsheet!
Starting an Emergency Fund
Investing for Long Term Goals
It is wise to start budgeting for retirement as early as possible, this way you give your money a chance to work for you!
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