Budgeting on an AmeriCorps Stipend Claudia Holt Financial Coach Emerge community Development holtc@emerge-mn.org 612-787-3766 Intro How many of you already have a written budget for your monthly spending?

Why do we budget? Income – Expenses = ??

Put your money where your values are.

Tracking Accomplishes two things: Accountability Analysis Be as comprehensive as possible! Don’t forget annual or semi-annual expenses Ways to track: Apps Save receipts Spreadsheets Use bank statements Paper and pencil Put everything on a credit card*

Types of budgets Line item budget Envelope budget One number budget Percentage budget

Tips and Tools Develop a system How will you stay accountable? Be more proactive than reactive Think about both income and expenses Practice delayed gratification Use your resources Get creative! Be ready to make some hard decisions Review and revise regularly

Questions?