Budgeting 101:
Your Money Guide For Getting Through School
Part Two: Budgeting
Step 1
List all sources of monthly income including gifts, bonuses, tax refunds, cost of living increases, allowances, etc. To keep track of income use the following Income Worksheet.
Income Worksheet
All earnings you list should be net amount (after tax).
| Income Sources |
Weekly/Bi-Weekly Income |
Monthly Income |
|---|---|---|
| Your Wages | ||
| Allowances | ||
| Internship Stipends | ||
| Social Security Benefits | ||
| Other | ||
| Other | ||
| Total |
Tips:
Smart Spending Techniques, Practices and Recommendations
- Pay yourself first. Set up a separate savings account once you get paid and immediately transfer a portion (start with 5% of your regular deposit amount) to the savings account. Attempt to forget about the account inorder to prevent unnecessary withdrawals. Only access the funds upon emergency.
- Collect and write notes on your cash purchase receipts. This will help you track spending and raise awareness of your spending habits
