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Making It On a College Budget

Making It On a College Budget. The Basics. What’s a Budget?. A plan for spending and saving your money. Five Steps to Managing Your Budget. Step 1: Know What’s Important to You (Needs vs. Wants). What Is Important to You?. Values What is important to you Needs

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Making It On a College Budget

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  1. Making It On a College Budget The Basics

  2. What’s a Budget? • A plan for spending and saving your money

  3. Five Steps to Managing Your Budget Step 1: Know What’s Important to You (Needs vs. Wants)

  4. What Is Important to You? • Values • What is important to you • Needs • Basic things that are necessary for survival • Wants • Things we desire to make our lives more satisfying

  5. Five Steps toManaging Your Budget Step 2: Set Your Goals

  6. Types of Goals • Short-term: a week to six months • Intermediate: six months to a year • Long-term: greater than a year

  7. Five Steps to Managing Your Budget Step 3: Know Your Income and Expenses

  8. Income vs. Expenses Find out your income and expenses for a period (such as two weeks, month, or semester)

  9. Tracking Expenses

  10. But My Expenses Are Too Random to Budget ! • Your budget should be flexible • A flexible budget needs a flexible document

  11. Five Steps to Managing Your Budget Step 4: Make a Spending Plan

  12. Spending Plan A plan for future income and expenses

  13. Spending Plan - Income

  14. Spending Plan - Expenses

  15. Five Steps to Managing Your Budget Step 5: Stick to Your Spending Plan !

  16. Sticking to a Spending Plan • Develop Self-Discipline • Control Stimuli • Control Decisions • Control Responses • Control Consequences • Control Your Money!

  17. Evaluate Your Spending Plan • Questions to ask yourself • How well did you stick to the plan? • What areas did you have problems in? • Were you reasonable in making your goals? • What changes need to be made?

  18. Five Steps to Managing Your Budget • Know what’s important to you (needs vs. wants) • Set some goals • Know your income and expenses • Make a spending plan • Stick to your spending plan!

  19. For individual help contact: The Peer Financial Counseling Program (insert web address, phone number, and/or e-mail)

  20. Special Thanks to...

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