What is a budget?
A budget tells you:
- How much money you get
- How much you can spend
- Whether you spend more than you get, or whether you spend less than what you get
Why should you have a budget?
A budget helps you get the things you need. It also helps you get the things you want.
What are needs and wants?
We all have needs and wants. Here are some things everyone needs:
- A place to live
Here are some things people want:
- To take a trip
- To go out to dinner
- To buy a CD of music you like
How to use this budget
Ask someone if you need help. Ask a friend, family member or someone who works with you. Here is what you do:
- Write down how much money you get each month.
- Before the start of a new month, write down how much money you plan to spend each month.
- At the end of the month, write down how much money you spent in the month.
Use one of these budgets for each month. On a blank piece of paper, write down every time you spend money. Write down how much and for what. Then at the end of the month, add up all the money you spent eating out (for example). This will help you change your budget if you need to.
Some things to think about:
- You cannot spend more money than you get.
- You can change your budget if you need to.
- Try to save a little each month.
- Save for things you really need. Then save for things you want.
A Budget for a Month If You Live On Your Own
Download the attached document to use a budgeting table.