Budgeting: Planning. Paying. Conquering. FCCU.org In order to get ahead of debt, be honest with yourself when creating a budget. Start now to create your budget. 5 steps to smart saving and spending 1. Get a true picture of how you spend your money. Track your purchases for at least two weeks and then group them into categories to figure out how much you spend each week, month, and year. 2. Make a list of your income. Write down your salary and any other income you might receive on a regular basis to give you a grand total of income for a year.
Monthly Saving and Spending Plan Build your own plan to budget for expenses and save at the same time. Add or change categories based on your life. Income Salary (after taxes)
$
Other income
$
Total Income $
Fixed Expenses (same amount each month)
Variable Expenses
(vary month to month)
Savings $ Gas $ Car Payment $ Food $
3. Evaluate your situation. Do your income and expenses even out? Are you spending more than you are making?
Auto Insurance $ Entertainment $
4. Create a spending and saving plan. It is better to estimate that you’ll spend a little more and make a little less than you think. Look for easy ways to save, like taking your lunch or cutting back on entertainment.
Cell Phone $ Clothing $
5. Put your plan into action.
Utilities $ Medical $ Mortgage/Rent $ Life Insurance $ Tuition/Student Loans $
Gifts
$
Other $ Other $
Total Expenses $
Total Income - Total Expenses = $
(amount you can save)