1. The Art of budgeting

2. What do you think of when you hear the word budget?
Watching your money?
Look for sale pricing when shopping?
I’m so poor?
Scrimp and save?
This Photo by Unknown Author is licensed under CC BY

3. Why budget? To have enough money To save money
My parents don’t give me enough allowance
I don’t have a part-time job
This Photo by Unknown Author is licensed under CC BY-SA

4. Reasons for budgeting To determine how much money you have to spend
To decide how you want to spend your money
To determine how to spend your money in the future
To learn to live on less than available income
To stay out of financial trouble
This Photo by Unknown Author is licensed under CC BY-NC-ND
This Photo by Unknown Author is licensed under CC BY-NC

5. What a budget does for you:
Puts you in control
Helps you create a visual spending picture
Helps you prevent impulse spending, buy only what you can afford
Keeps track of your spending
Helps you to learn how to save
Gets you ready for unforeseen financial events
This Photo by Unknown Author is licensed under CC BY

6. The Budgeting Process:
1) Assess your personal and financial situation (needs, life situation)
2) Set your personal and financial goals (short term, 1-4 weeks, mid-term, 2-12 months, long-term, 1 year or longer)
3) Create a budget for fixed and variable expenses (based on project income)
4) Monitor spending and savings patterns

7. 5) Compare your budget to what you have actually spent
6) Review financial progress and revise budgeted amounts

8. Tips for maintaining a budget:
Be a good consumer, get the most for your money
Exercise self-control, avoid unnecessary spending
Maintain good records (keep receipts!)
Evaluate your budget regularly