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Budgeting 101: Making Dollars with Sense

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by

Daad Rizk

on 2 September 2013

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Transcript of Budgeting 101: Making Dollars with Sense

Income & Borrowing
Wages, Salaries
Family help
Interest Income
other Income
Get Organized
Collect Financial Paperwork
S= Specific
M = Measurable
A = Attainable
R = Realistic
T = Timely
Set SMART Goals
Use Loans only to pay for tuition, fees & books
Use Income to pay for housing, food, electronics,
entertainment, Insurance, credit cards, car expense, gas, personal, pets, & Misc
Saving
At least 10% of Income
Pay yourself first
Establish and keep an emergency fund
Spending
Know Needs from Wants
List all spending (Fixed & Variable)
Saving & Spending
Pay stub
Bank records
Financial aid awards
Tuition & Fees bills
Bookstore bills
Credit card bills
Utility bills
Electronics
Insurance
Grocery receipts
Eating out
Personal
Pets
Misc
Grants & Scholarships
Loans
Perkins
Subsidized
Unsubsidized
Other Loans
Tuition, Fees& Books
Housing & Groceries
Car Expense
Electronics
Insurance
Eating out
Personal
Pets
Balancing Act
Earning & Borrowing
Sample Budget
Loans should only pay for educational expenses
Borrow only what you need for Tuition, Fees, Books
Saving should be at least 10% of income
This is what you can spend on fixed and variable expenses
List all your spending, do not forget periodic
payments like insurance, misc cash items, pets
or personal expenses, review each month and
eliminate waste, allow for some fun in your life by
budgeting for it...
Short term and Long term
Prioritize goals using the SMART Model
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Money coming in
Money going out
Step 1 - Set goals
Step 2 - Get organized
Step 3 - List your income & your Borrowing
Step 4 - Start a saving plan (min 10% of income)
Step 5 - List your spending (Needs/Wants)
Step 6 - Borrowing should only pay educational cost
Income should pay Saving & Spending
Income - Spending = your financial health
if negative, you need to review your spending
habits and make changes
What is Budgeting?
What is in your "BULGA"?
What is in your "BOUGETTE"?
Avoid :"PILS"
Penalties
Interest
Late Fees
Surcharges
Pay bills on time
Pay credit cards in full each month
Borrow only what you need for educational cost
Increase your income - Establish a saving fund
Analyze your spending habits and eliminate waste
Budgeting 101: Making Dollars with Sense
The Pennsylvania State University
Dr. Daad Rizk
April 17, 2013

Learning Objectives
What Budgeting is
How to set "SMART" goals
How to organize your financial records
Understand Income & Borrowing
Understand Saving and Spending
Balancing act of Budgeting

Contact Information
Dr. Daad Rizk
The Pennsylvania State University
MoneyCounts: A Financial Literacy Series
301 Outreach Building
University Park, PA 16802
dar39@psu.edu
1-(814)-863-0214

Questions & Comments?
Thank YOU!
http://www.igrad.com/iGradTV/video/?smart frugal spending budgeting money saving
Other resources
http://studentaid.psu.edu/understand-financial-debt
Full transcript