Budgeting
What is a budget?
A budget is:
- A plan for your income and expenses
- A reflection of your priorities (within your current financial reality)
- A pathway to financial freedom
A budget is the foundation for managing your money and gives you the power to tell your money where to go instead of wondering where it went. While budgeting can seem intimidating, it doesn't have to be. Budgeting is not just about numbers and limiting your spending - it is also about how you can change your habits and behaviors in order to reach your financial goals!
Why should I have a budget?
- To achieve a financial goal
- To cut costs and save money
- To better understand your relationship with money
You may have money that you earn right now through a job or other resources, and figuring out a plan for your money is always a smart idea. When you learn to budget while in college, you are not faced with “figuring it out” once you graduate and start to make money. Taking the time now to create healthy financial habits will help you to build a foundation of habits that can stick with you for life - future you will be grateful!
How can I start a budget?
You can start a budget by using a budgeting worksheet, or downloading a budgeting app, and filling out your information. Then once it’s complete, track your progress and whether you are meeting your goals for spending in each category. You can also challenge yourself to save a few dollars at the end of the month. As you meet your goals, adjust to save more.
Don’t forget to include the most important aspect of your budget… fun! A budget does not mean “no fun,” it means “planned fun" within your current financial reality.
Go to studentaid.gov/budget or check out this video for more information about budgeting:
This information is being provided for educational purposes only; it does not constitute an endorsement or approval by the University of Kansas. The University of Kansas bears no responsibility for the accuracy, legality or content of the resources listed.