Creating a Budget

When people talk about managing their money, what they mean is that they need to make sure that what they earn with what they spend so that they can take care of their needs and hopefully have some left over for their wants.  A BUDGET is a tool we use to show us where the money we earn is going.  In the future you could use a budget to help you keep track of needs like rent, tuition, a car payment, as well as food and clothing.  Knowing what you spend on the things you need tells you what you have left to spend on things you want like presents for your family, games, and entertainment.

BUDGET


Total Income                $100.00
 

Needs
Lunch money                  $45.00
T-shirt                                $25.00
Notebook                         $  5.00
Savings                              $10.00
__________________________

Total needs (expenses) $85.00

 
What's Left?

Income                                   $100.00
Needs (expenses)               -$85.00

____________________________
Total left                                   $15.00

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