BUDGETIN
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Consumer Education
Agenda
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What is a How do you Budgeting tips Budgeting Summary
Budget ? setup your Methods
budget?
2 Consumer Education 20XX
WHAT IS A
BUDGET?
A budget is an estimation of revenue and
expenses over a specified future period of time Click icon to add picture
and is usually compiled and re-evaluated on a
periodic basis. Budgets can be made for a person,
a group of people, a business, a government, or
just about anything else that makes and spends
money.
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HOW CAN
BUDGETING
HELP ME?
CONTROL
YOUR
SPENDING
ACHIEVED
YOUR
GOALS
REDUCE
YOUR
STRESS
BUILD
WEALTH
HOW TO SETUP YOUR
MONTHLY BUDGET?
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ADD YOUR LIST YOUR BUDGET TO TRACK YOUR
INCOME EXPENSES ZERO EXPENSES
9 Consumer Education 2023
ADD YOUR
INCOME
A budget starts with your income. All
Click icon to add picture of it. Like we said before, that means
your normal paychecks and any extra
income that may come your way
through a side hustle, garage sale,
freelance work, child support, and the
like.
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LIST YOUR
EXPENSES
Next, list out your expenses. Start with the
essentials (what we call the Four Walls):
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food, utilities, shelter and transportation.
Then, add in the nonessentials like TV
streaming services, restaurants, adult
kickball league fees, subscription boxes,
personal spending, and such.
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BUDGET TO
ZERO
This means you need to use the
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zero-based budgeting method. If
you still have money left over
after you list all your expenses—
you can use it to your likings.
TRACK YOUR
EXPENSES
This last step is key: Track. Every.
Expense. When you spend money, Click icon to add picture
log that purchase into the correct
budget line. This is how you’ll keep
an eye on everything. Budgeting is
how you plan. Tracking is how you
keep up with the plan.
“ BUDGETING
CONSUMER
TIPS
EDUCATION
”
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DO THE BUDGET
TOGETHER
If you’re married, sit down
once a month and have a family Click icon to add picture
budgeting night. Make it fun!
Grab some of your
favorite snacks and put on a
good playlist to help you focus.
EVERY MONTH IS
DIFFERENT
Regardless of the occasion, make sure you
prepare for those expenses in the budget.
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Be sure to adjust your budget each month
as things change. Make a savings fund you
can stash cash in throughout the year. When
you don’t have a plan, you’re going to be
stressed.
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START WITH THE
MOST IMPORTANT
CATEGORY
Giving and saving are at the top of
the list, and then comes the Four
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Walls—food, shelter and utilities,
basic clothing and transportation.
Once your true necessities are
taken care of, you can fill in the
rest of the categories in your
budget.
PAY OFF YOUR
DEBT
If you have debt, paying it off
Click icon to add picture needs to be a top priority. Use
the debt snowball method and
the Baby Steps to get rid of debt
as fast as you can.
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DON’T BE AFRAID
TO TRIM THE
BUDGET
Brace yourself! It might be time for some
budget cuts in your life. If things are tight
right now, you can save money quickly by Click icon to add picture
canceling your cable, dining out less, and
shopping at discount clothing and grocery
stores. Remember, your budget cuts are
only temporary. You can always make
adjustments later down the road.
MAKE A
SCHEDULE
While you’re making a budget part of
your monthly routine, why not pick
specific dates for groceries on a set day
every week or twice a month. When you
know what to expect and when to expect
it, you take a lot of stress and potential
pitfalls out of the picture.
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TRACK YOUR
PROGRESS
It’s important to check your
progress from time to time. If
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you’re married, track your
spending and purchases together
so you both keep your goals in
sight. Look back at your earlier
budgets to see how far you’ve
come.
CREATE A
BUFFER IN YOUR
BUDGET
Put a small amount of money aside for
unexpected expenses throughout the
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month. Label this as your miscellaneous
category in your budget. That way when
something comes up, you can cover it
without taking away money you’ve
already put somewhere else.
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BE CONTENT AND
QUIT THE
COMPARISON
You have much more than you realize.
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Don’t compare your situation to anyone
else’s. Comparison will not only rob
you of your joy but also your paycheck.
Keep moving forward and doing what’s
right for your family.
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HAVE GOALS
Whether you’re paying off
student loans, building up
your emergency fund, or
paying off your mortgage, you
need to focus on your why.
GIVE YOURSELF
LOTS OF
It usuallyGRACE
takes three to four
Click icon to add picture months to get a handle on this
whole budgeting thing. It won’t be
perfect the first time, or the
second.
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BUDGETIN
G
METHODS
THE ENVELOPE
SYSTEM
The envelope system is intrinsically simple.
To begin, add up all of your fixed and
variable expenses, including rent, utilities, Click icon to add picture
groceries, etc. Subtract this from your
income, and put each expense into its own
envelope. Label each envelope with its total
cost and name, and when you receive each
paycheck, put the amount in cash for each
envelope.
THE 50-30-20
RULE
In this popular budgeting
Click icon to add picture technique, costs are split
into three main categories
in chronological order.
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SNOWBALL
This BEDGET
budgeting technique is good
for those struggling with debt who
want a way to create a payment
system. Begin by calculating the Click icon to add picture
overall amount you owe on all your
debts. Once you have that figure,
decide how much income you'll use
to make monthly payments to chip
away at that debt.
REVERSE
BUDGETING
This budgeting method consists of
Click icon to add picture only one thing: savings goals. To
use this technique, instead of
setting up categories to analyze
spending, create aggressive
savings goals.
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