After you have spent time tracking expenses, thinking about needs and wants, and setting some financial goals, it is time to create a budget. You may want to experiment with different budget forms. Decide if a weekly or monthly budget works best for you. There are many forms available online, or a budget can be created on plain paper. An example of a weekly and monthly budget form is available for you to download here.

Briefly, the process is to record income, record expenses and then compare income to expenses. Do you have enough income to cover your current expenses? If not, you will need to find ways to spend less, earn more, or both! Remember, you are preparing a budget for the following month. It is a plan for future spending.

 

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