1. Creating a Budget

2. 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

3. 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

5. 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?

7. 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

9. 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!

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

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

12. Expenses List your expenses Incidentals All your bills Gas Food
Entertainment

13. 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

14. references http://add.about.com/od/adultadd/a/budget.htm
Adapted from presentation by Kim Woodbury, Underrepresented Student Program - Century College