Current Edition Summer 2012 May 21, 2013

Budgeting

How can I manage my money so I can treat myself every once and a while? Jennifer Sarff, Gamma Kappa/ Western Illinois U

What should a standard month-to-month budget look like for a young professional? Megan Wilson, Epsilon Gamma/U of Tulsa

Jennifer and Megan,
It is so important to start managing and saving your money sooner rather than later. The idea of living on a budget can be overwhelming, but by understanding that planning is important, you can meet your financial goals more easily. It is important to figure out what the ideal, and realistic, budget would be for one. Tracking income and expenses is the best starting point. Once these numbers are known, you can tailor a budget based on three criteria to achieve your goals.

1. Identify goals. Why must a plan be created? Without goals, the budget would not make much sense.

2. Review current income sources. To have an effective budget plan, it must take into account current income sources. By tracking the sources of income, you will clearly see where money flows, and whether it goes to pay expenses or for another cause.

3. Review current expenses. After setting budget goals and tracking income and expenses, the next step is building a plan that can accomplish your financial goals. Based on current income and expenses, you can determine if the budget will meet its goals. Depending on the figures and goals, the plan may need to be tweaked along the way.
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