May 2023 Edition
Budget Building 101
Budgeting is an important skill to learn because it helps you take control of your finances. By tracking your income and expenses, you can make informed decisions about where to allocate your resources and avoid overspending or going into debt. Having a budget can also help you achieve your goals, whether that’s saving up for a big purchase, paying off debt, or building an emergency fund.
How to build a budget:
- Determine your income- include all sources, frequency, and totals!
- Evaluate expenses- what are all your monthly obligations?
- Prioritize expenses- which items are must-haves, and are there any expenses that could be removed?
- Set goals- decide what you want to accomplish and then write down some goals!
- Track your spending- book time regularly to review your budget, see how you’re doing, and adjust as needed!
- Celebrate– make sure to celebrate when you hit your budgeting goals!