Budgeting & Finance
“The budget is not just a collection of numbers, but an expression of our values and aspirations.”
– Jacob Lew, Former U.S. Secretary of the Treasury
Introduction
- To understand budgeting and help you be successful with your budget it is important to understand a few budgeting terms including income, resources and expenses
- Budgeting means not just having some money or income, but also understanding how to use your money to help you meet your goals
- Understanding what goes into your budget is important and will help you stay on track
Spending Money
- Expenses include goods or services you spend money on or buy
- Sometimes you spend money right away, like with a debit card or paying cash at the store
- Sometimes you buy a good or service and then you pay later, after getting a bill or a credit card statement
Managing Money
- Even when you do not have a lot of money coming in, understanding your saving options is important
- Knowing about different kinds of savings accounts might help you avoid fees
- Saving can also help you get more things you need and want
Money Basics
When you start looking at your money situation, there are a few things to keep in mind:
- There is a lot of information available to help you through the process
- Opening a checking and savings account may be your first step forward money management
- Forming relationships with community members such as your banker or other financial advisers may help you better manage your money
- Your local Center for Independent Living may have more information or resources on this topic
Stretching Your Money
- Stretching your dollar or finding ways to make your dollars go farther and pay for more seems to be important for just about everyone
- It can be difficult to maintain a budget, especially if you have unexpected costs
- There are some strategies to help you save money and make the most of your income
- One way to think about stretching your dollar is to cut down on your monthly costs to save for needs and wants
- You might ask yourself:
- Are there things you buy that you do not need?
- Are there things you buy that you could pay less for at the store?
Money Safety
- Budgeting can be a challenge; some companies and people do not have your best interest in mind
- It is important to be an informed consumer and consider all of your options
- It is important to make sure no one is taking advantage of you or your money
Resources
Sample Documents:
Item Examples
- Bank Statement:
- Bill:
- Checks:
- Credit Card Statement:
- Debit Card:
- Receipt:
- Vision Board:
Budgeting Tools
- Budget Calendar:
- Blank Budget Sheet:
- SSDI Example:
- SSI Example:
Meal Planning
- Grocery List:
- Meal Plan:
Financial:
FDIC Money Smart for Young People
Handout: FDIC Money Smart for Young Adults PDF
List of Online Budgeting Tools
USAA Free Online Budgeting Tool
Free Household Budget Spreadsheets
Video: How to Create a Monthly Budget Using a Spreadsheet
Reading Your Credit Card Statement
Your Rights in Debt Collection
Columbia College Financial Video Series:
Video: How do I create a budget?
References
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Vision board. (2017). Retrieved July 12, 2017, from https://www.pinterest.com/secretvision/vision-board/
Weekly meal plan. (2017). Retrieved July 12, 2017, from http://strawberrymommycakes.com/wp-content/uploads/2014/09/WeeklyMealPlan.pdf
What is budgeting? what is a budget? (2017). Retrieved July 11, 2017, from http://www.mymoneycoach.ca/budgeting/what-is-a-budget-planning-forecasting
What is financial exploitation? (2017). Retrieved July 11, 2017, from http://www.napsa-now.org/get-informed/what-is-financial-exploitation/
What is the difference between a grant and a loan? (2017). Retrieved July 11, 2017, from http://www.csac.ca.gov/doc.asp?id=941
