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START SAVING
You can’t save if you do not know where you are spending your money. None of us feel we have enough money but if you start keeping track of it, you will start to see ways to save.
RULE #1
Pay yourself first! That is what you are doing when you save money. Whatever the amount, if you start a plan and keep to it, you will see the results.
RULE #2
Think of saving for short and long term goals. For example, you can plan for a tuition payment in a few months or set aside money for birthday presents.
But set your sights out further and save money that can begin to work for you, earning interest and growing for the future.
RULE #3
Stick to your plan but remember that the unexpected does happen. A car repair or a medical bill can blow the budget but don’t get discouraged.
RULE #4
Write it Down.
You may be surprised just where you are spending your money. $3 cups of coffee do add up! Track your real expenses for a month and you can begin to see how you can make some adjustments. Use this form to get started and create the one that makes sense for you. You may not need to use every expense category.
Sample Budget (Download PDF)
Track your income and expenses for a month and see how your budget comes out. You may find that a sizable amount of your money is unaccounted for – cash you carry and do not remember how you spent it. Save your receipts and add it up. If you find that you are spending more than you take in, the time is now to manage you money. Don’t let it manage you.
You may not use all the expense categories or find others to add.
INCOME |
| Paychecks |
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| Allowance |
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| Odd Jobs |
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| Gifts of Money |
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| TOTAL: |
$ |
EXPENSES |
| Savings - Pay Yourself First |
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| • Short Term, big purchases |
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| • Long Term |
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| Car |
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| • Gas |
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| • Insurance |
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| Transit - Bus Pass |
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| Food - Lunches, etc. |
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| Sports, Hobbies |
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| Clothing |
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| Toiletries |
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| School Supplies, Books |
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| Cell Phone Bill |
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| Entertainment - movies, etc. |
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| Computer Related Expenses |
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| TOTAL: |
$ |
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