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Making a Budget
We all work hard for our money, so we want to get the most from it.
Budgeting helps us afford our short-term goals like buying clothes, getting
groceries, or taking our family to a restaurant.
It's also for longer-term
financial goals like buying a home, a car, paying for an education,
a wedding, or a holiday.
When you take control of your financial affairs,
you're more confident about the future. Budgeting can help you overcome
financial difficulties, plan for the future, or simply gain better
control over your finances and spending habits.
To make a budget:
- Determine your Net Income (your take home pay after income taxes, Social Security, and other deductions have been taken out of your pay).
- Fill out the Monthly Income/Expense Record, making sure that you complete each column accurately.
- If you make some payments annually, quarterly, or weekly, figure out how much that would be on a monthly basis and write down that amount.
- Add up all your recorded expenses.
- If your expenses are higher than your income, you need to reduce your spending of increase your income.
- If your income is higher than your expense, create a savings plan to use this most effectively.
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- Debt Management |
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