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Creating a Budget

Creating a Budget. Originally Presented by Michele Jersak, Counselor and GPS LifePlan Program and Randy LaFoy, GPS LifePlan/eFolio Adapted from presentation by Kim Woodbury, Underrepresented Student Program - Century College. Budgets have a bad name.

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Creating a Budget

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  1. Creating a Budget Originally Presented by Michele Jersak, Counselor and GPS LifePlan Program and Randy LaFoy, GPS LifePlan/eFolio Adapted from presentation by Kim Woodbury, Underrepresented Student Program - Century College

  2. Budgets have a bad name Having a budget doesn't mean cutting out all the fun A sensible budget leaves room for “fun” spending but allows you to control your money better Interactive budget tools are available in the budget page of the Finance are of the GPS LifePlan

  3. Where Does Your Money Go? For at least one month track all income & expenses Get a small spiral notebook or worksheet Keep all receipts Allows you to see where your money goes Little things add up Pick a money day Balance checkbook Look at your budget and see if you are on track

  4. Sample “Money In” and “Money Out” Form

  5. Sample Detailed Household Budget Worksheet

  6. Income Pay check from regular job Take home, not your gross check Student Loans Child support Investments: Interest or stock dividends

  7. Expenses List your expenses - all your bills Be sure and include your incidentals, like: Gas Food Entertainment

  8. Balance Income minus expenses Don’t be discouraged Many people are spending more than they make, with a budget you can better control where your money goes

  9. Priorities After you have kept track of your expenses for a month, organize! Organize everything in an Excel spread sheet, or find a resource off the Internet, or even your local bank. The goal here is to keep track and organize! Determine what you really need Espresso everyday? Do you spend 5 extra dollars every time you go in to pay for gas?

  10. Pay Yourself First No matter how small, always have an amount set aside for savings Experts recommend 2-3 months of salary It’s ok if you don’t have it now- make it one of your goals!

  11. Determine Your Goals Studies have proven goals that are written down have a better chance of success than those just talked or thought about Pay off credit card, save for vacation, pay off car loan, start an investment fund… Have a one year financial goal Have a five year financial goal

  12. Sample Financial Goal Form Four Step Planning Process

  13. Write down your goals! Tell someone about your goals – this increases your chances reaching those goals.

  14. References http://add.about.com/od/adultadd/a/budget.htm http://www.lifescript.com/channels/healthy_living/Life_Tips/a_sensible_budget_for_people_who_hardly_have_any_money.asp?page=5&trans=1 http://www.ag.state.mn.us/Brochures/pubCreditHandbook.pdf http://www.thebeehive.org/money/spend-it/understand-your-credit/what-your-credit-score http://urbanext.illinois.edu/ww1/04-01.html

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