UIU ALERT: Wednesday, Jan. 23 - The Cedar Rapids and Quad Cities Centers will open at 11 a.m. The Milwaukee Center will open at Noon. The Fort Riley Center is closed, and classes are canceled.
What are budgets and why should I have one?
A budget is a record of an individual’s income and expenses that will guide the individual to be financially successful. A budget can be as simple as writing down basic monthly income and expense amounts on a piece of paper or creating a detailed worksheet with information for each day of the week. A budget can help individuals reach a variety of financial goals such as saving for a car or encourage an individual to spend less money on clothes or eating out.
Guideline for Creating a Budget
- Track your expenses for a month so you know exactly where you are spending your money.
- Evaluate your income vs. expenses.
- Classify your expenses into wants and needs.
- Determine if the expenses in the ‘want’ category can be reduced.
- Create your budget for a week or month and stick to this budget.
- Write down your short-term and long-term financial goals, so that while you are following your budget you know what goals you are trying to achieve.
Download a sample budget worksheet to help you get started.