CREATE A BUDGET

The three main benefits of creating a budget are that you will be able to:

• Understand where your money goes.
• Avoid overspending.
• Find money for saving and investing to build your wealth.

To develop a budget, you need to:

Calculate your monthly income.

Track your daily expenses.

Determine how much you spend on monthly bills.

After tracking your expenses to understand where your money is going, you can identify changes you can make to increase your income or decrease your expenses to budget for more savings. * Be sure to make changes that you can live with from month to month. *

Click on the image below for a printable view of the Create a Budget form.

(Source of above information and Create a Budget form below: Federal Reserve Bank of Dallas; Building Wealth Brochure; https://www.dallasfed.org/~/media/documents/cd/wealth/wealth.pdf)