Planning Your Finances
Creating a Budget
A budget is a financial plan that can assist in helping you keep track of your money, make informed spending decisions, and plan for your financial goals.
Tips to create a budget:
- Use an estimate of what you might spend in a month. Keep in mind costs like food (not included in your meal plan), miscellaneous personal items, school supplies, rent, etc.
- Be sure to determine your “wants” and your “needs.” This will assist in creating a realistic budget.
- Make sure you keep track of your expenses. You can use a spreadsheet to track your spending or find an app to assist.
- Once you’ve done the first three steps, you will want to total up your expenses and subtract them from your income. Make sure you’re not spending more than you’re earning!
Need help creating your budget? Schedule an appointment with a financial planning advisor today!
