BUDGET

Transcript

00:02

How to...

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Make a Budget

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Lets get started!

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BUDGET

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Two Key Things

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1: Money In, Money Out

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2: Needs, Wants, Savings

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Money In, Money Out

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Money In = How much money you're making

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Money Out = How much money you're spending

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TIP

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TIP

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Be Honest

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Be Realistic

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Step 1: Calculate all forms of income in a month

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Income Assistance = $500 Part Time Work = $400 Total = $900

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Step 2: Calculate what you pay for each month

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Rent = $800 (-$375) Utilities = $100 Food = $200 Phone = $50 Internet = $50 Cigarettes = $80 Total = $905

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Money In = $900 Money Out = $905

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Total = -$5

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50%

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Things necessary to survive like rent, groceries, utilities, etc

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NEEDS

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30%

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Non-essential things like dining out, entertainment, hobbies, etc

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WANTS

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20%

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This can consist of emergency funds, debt payments, etc

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SAVINGS

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Needs

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Rent = $800 (-$375) Utilities = $100 Food= $200 Total = $725

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Wants

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Phone = $50 Internet = $50 Cigarettes = $80 Total = $180

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50% of $900 = $450

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30% of $900 = $270

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REMEMBER

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Every budget will look different

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This is just a guideline

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Ask for help when needed