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FAQs

Budgeting

While many people choose not to budget, overlooking the significant benefits and the relatively small effort required, you can take control of your finances by simply starting.

Why Should You Budget?

To begin and sustain a budget, it is important to understand the why of a budget. We budget in order to plan and manage our spending, to meet our needs and achieve goals. If married, we will budget in order to plan, manage, and coordinate our spending to meet our needs and achieve our goals.

As we work to provide for our needs, we should first clarify our goals. Often, because our goals are not specific, we fail to plan adequately. To be specific enough, when developing our financial goals, we can ask ourselves how much is needed and by when.

Setting clear financial goals gives your budget purpose. By tracking our spending and making smart choices, we can both fulfill our needs and work towards our dreams. This motivates us to find cost-effective solutions and prioritize saving for the future.

Adopt a Budgeting Method

The key to effective budgeting is finding a method that works for you. College offers a unique opportunity to explore different approaches and develop financial discipline. By mastering budgeting now, you'll be well-prepared to handle larger financial responsibilities, such as managing investments and planning for the future.

Next Steps

  1. Identify specific goals: Where appropriate, indicate how much funding may be needed by a specific date.
  2. Explore and adopt a budgeting method: Adopt a budgeting method and use it to plan and manage your spending for one month. If you find a method that is helpful, continue to use it and refine it to make it work for you. If it is not helpful, choose another method and use it for the next month.
  3. Fund your budget one month in advance: Some may anticipate a federal tax return. If sufficient, the funds can be used to meet your needs while you begin a program to accumulate a month's income to be used the following month.
  4. Explore the possibility of having a spending allowance.
  5. Visit with a Financial Fitness counselor to help identify your goals and find a working budgeting method that is best for you.