Financial Literacy Tips

Make a REAL budget

-Start with your income. Write down your monthly income.
Write down all of your fixed expenses first. Include rent, cell phone/internet, insurance, and any other expenses that do not change from month to month.
-Next, write down the variable expenses; electricity, water, groceries, transportation, etc. Write down the maximum number you plan to spend on these items.
-Finally write down the variable expenses that are the easiest to cut, like eating out, memberships, cable, etc.

Look at how much you spend. Find places to make small cuts, $20 can make a huge difference. Start small, and adjust your budget monthly.

Write down all financial details

Write down all of your debt, student loans, credit cards, car payments, etc. Next, write down how much you can pay for each category.
Knowing this number will help you stay realistic with your budget and plan for your future.

Be Realistic Understand that we are all human. It's ok to get a coffee or eat out. Make adjustments to your budget to help stay on track. It's important not to feel like one mistake derails your whole plan.

Set up a savings account

Unexpected events happen. Set up a savings account and try and add money every check. It might seem impossible. Look at enrolling in a "round up" program through your bank. Every expense rounds up to the next dollar and transfers to savings. Small amounts can make a big difference.

Put yourself first

Put money in savings for yourself. Include a small amount of money in your budget for small things that are for yourself. Add in an ice cream allowance, or a coffee budget.
Take a break from donating to groups, helping family, etc. It might seem selfish, but making yourself financially stable will help you and your family long term.

Set goals for yourself

Goals do not need to be extreme like "get out of debt in 6 months" or "only eat ramen noodles until...". Set a goal to save $100 in 3 months, or cut back on your cable bill, renegotiate your bills, etc.
Small, attainable goals can help you stay motivated.

Modify your budget

Remember, things change! Modify your budget as you make small changes, decrease debt, increase savings, add money for children's expenses, or plan for a vacation.
Understand that your budget is a living document that can change at any time.