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Transcript of Budgeting
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
How much money do you have?
To set up a budget you must ask yourself these questions
Determine your personal income sources
-Other Sources such as gifts and money from your parents
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 following a budget?
Where does your money go?
How much do you owe to others?
Make clear, specific plans directly related to a desired outcome in achieving a goal
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
Fitting your goals in
Make sure to budget savings for an emergency fund that has 3-6 months of your expenses in it
You'll need a way to track and evaluate your budget to make sure you are sticking to the plan
A simple way to record what you've spent, and organized by yourself the way you want it
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
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
2103 Centennial Hall
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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