Creating a Budget

Budgets have a bad name Having a budget doesn't mean cutting out all the fun A sensible budget leaves room for “fun” spending but allows you to control your money better Interactive Budget Tools Need to talk about the resources on the GPS LifePlan, take out the link

Where does your money go? For at least one month track all expenses Get a small spiral notebook or worksheet Keep all receipts Allows you to see where your money goes Little things add up Pick a money day Balance checkbook Look at your budget and see if you are on track

Priorities After you have kept track of your expenses for a month, organize! Organize everything in an excel spread sheet Determine what you really need Espresso everyday? Do you spend 5 extra dollars every time you go in to pay for gas?

Determine your goals Studies have proven goals that are written down have a better chance of success than those just talked or thought about Pay off credit card, save for vacation pay off car loan, start an investment fund… Have a one year financial goal Have a five year financial goal

Pay yourself first No matter how small, always have an amount set aside for savings Experts recommend 2-3 months of salary It’s ok if you don’t have it now- make it one of your goals!

Write down your goals! Emphasize the importance of writing this down; use eFolio to track this too.

Income Pay check from regular job Student Loans Child support Take home Student Loans Child support Add more income info

Expenses List your expenses Incidentals All your bills Gas Food Entertainment

Balance Income minus expenses Don’t be discouraged Many people are spending more than they make, with a budget you can better control where your money goes

references http://add.about.com/od/adultadd/a/budget.htm http://www.lifescript.com/channels/healthy_living/Life_Tips/a_sensible_budget_for_people_who_hardly_have_any_money.asp?page=5&trans=1 http://www.ag.state.mn.us/Brochures/pubCreditHandbook.pdf http://www.thebeehive.org/money/spend-it/understand-your-credit/what-your-credit-score http://urbanext.illinois.edu/ww1/04-01.html Adapted from presentation by Kim Woodbury, Underrepresented Student Program - Century College