Budgeting: Your Future Self Will Thank You

A budget keeps track of 2 things: What’s coming in, and what’s going out

Setting up a budget is one of those things – like cleaning your room, studying for exams, or being forced to watch your younger brother or sister – that you just don’t want to do. After all, you’re not making much money as a student, so keeping track of it doesn’t really matter, right?

Well, let’s think about that for a second.

Even if the money you earn today is only from an allowance, odd jobs, or gifts for your birthday, it’s still important to keep track of it, so you can use it for the things you really want.

Budgets are generally misunderstood, especially if you haven’t set one up before. To help set the record straight, here are a few things you should know about creating budget.

A budget keeps track of 2 things: What’s coming in, and what’s going out

A budget doesn’t have to be a big, complicated spreadsheet, because it’s really tracking these two basic elements. The trick is to set up a budget that accurately captures your incoming and outgoing money so that you can see what you have and where you stand.

It starts with tracking your expenses – all of them

Continue reading here to learn how to set up your budget.