| A budget can also
help you plan for big steps in your life such as moving out or buying a car. It will show
you what you can afford and what you can't, so you won't take that step before your
financially capable. Income
(every source of funds, be it wages or any type of financial aid)
Budgets work best on a monthly basis; therefore, in order to compare apples to
apples, it is necessary that you figure out your income for the given month. For figuring
purposes, you may want to assume that 1 month=4 weeks.
Expenses
(any bills or allowances you will be paying out of your income)
Most expenses are on a monthly basis. If you have some expenses that are
billed to you quarterly (4 times a year), biannually (twice a year), etc., you may want to
set money aside monthly to avoid a large lump-sum expense further down the road.
Spending Guideline Suggestions
Housing..................32%
Utilities.....................5%
Food.......................15%
Transportation..........18%
Clothing....................5%
HealthCare................5%
Savings....................10%
Miscellaneous...........10%
Easy Ways To Cut Costs
Housing Expense - Consider your alternatives: live at home, shop for a less
expensive landlord, find smaller living quarters or get a roommate who will split the
costs.
Utilities - Use less electricity, turn out lights you are not using and
only run air and heat when necessary. Do you really need cable?
Food - learn to cook. If you could see how much money you would spend on
a week of groceries compared to a week of eating out, it would send you running to the
supermarket. Clip coupons—it all adds up.
Transportation - Carpool with friends and coworkers. This could help you
split costs and save the environment.
Clothing - Shop at outlet or discount stores. Buy out-of-season clothes
on clearance and save them for next year.
Miscellaneous - Buy in bulk. You'll always need toothpaste and toilet
paper, so you might as well save some money.
Credit Cards - Transfer other credit card balances to your MembersFirst
of Florida MasterCard and receive 1% cash back every time. Plus, you only have to make one
low payment with our MasterCard.
School - Apply for financial aid, get a student loan at MembersFirst
Credit Union of Florida, purchase used books and take "off-hour" classes. Many
times colleges charge less for classes at irregular times such as night classes.
Financial Services - Take advantage of your Credit Union's GENESIS
program. You will avoid the fees that most institutions charge.
More Budgeting Links
There are a number of very informative
internet sites on various concepts and ideas on how to budget properly. The list
below is not exhaustive but it is informative:
Budget Central
Great site for advice and books on budgeting
The Dollar Stretcher
Lots of good Tips and ideas for getting the most out of your money money
Budgeting Links
Extensive links on budgeting and financial information (About.com)
Balance
Your Checkbook Online
Online calculator that balances your checkbook for you
Getting your student on
a budget
Article on college student budgeting and links (MSN)
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