Get a Money Plan

Create a Budget

If the word "budget" makes you cringe, you're not alone. Many people avoid creating a budget, thinking it will cramp their style when it comes to money management. The fact is, a budget allows you to get the most out of your money and frees you up to achieve the things you want. Think of budgeting as "telling your money where to go, instead of wondering where it went." There are two types of budgets, a monthly budget and a yearly budget.

Monthly Budget
Provides an overview of regular income and expenses, including expenses that stay the same each month (fixed expenses) and expenses that vary from month to month (variable expenses). Use the Monthly Budget Sheet Worksheet and these steps to get started:

  • Step 1: Write down your monthly income, including any money you take in from work, loans, grants and more.
  • Step 2: Estimate your monthly expenses.
  • Step 3: Calculate the difference between your income and expenses.
  • Step 4: Examine your cash flow. Are you overbudget? Or do you want to save more each month? Check out our tips to help you get and stay on track.

Yearly Budget
Provides an overview of irregular, occasional, or non-monthly expenses, including:

  • birthday gifts
  • vacations
  • quarterly tuition payments
  • seasonal clothing purchases
  • and more.

The Yearly Budget Sheet can help you create a yearly budget:

  • Step 1: Set up a schedule for these expenses.
  • Step 2: Make a list of all irregular expenses and note the month they're due.
  • Step 3: Save in advance accordingly.