Wellness: Budgeting

A budget is a plan you write down to decide how you will spend your money each month. A budget shows you how much money you make and how you spend your money.

Source: Consumer.gov

You might need money for an emergency. You also might need to buy something more expensive, like a car. Saving money might help you buy a car, put a security deposit on an apartment, or pay for something else expensive.

Source: Consumer.gov

Managing Debt

Credit

Credit History

Payday Loans & Cash Advances

Opening a Bank Account

Debit Cards

1. Gather all bills and pay stubs. Think about how you spend money, besides paying your bills. For example, do you stop and buy breakfast every day? 

2. Write down your expenses. An expense is money you spend

3. Write down how much money you make. This is called income

4. Subtract your expenses from how much money you make

If the number is less than zero, you are spending more money than you make. Look for things in your budget you can change.  Maybe something you do not need, or a way to spend less.

Source: Consumer.gov

• At the beginning of the month, make a plan for how you will spend your money that month. Write what you think you will earn and spend.
• Write down what you spend. Try to do this every day.
• At the end of the month, see if you spent what you planned.
• Use the information to help you plan the next month’s budget.

Source: Consumer.gov