Week One: Budgeting Basics

Learn

Living without a plan is like driving without a map — you’ll arrive somewhere, but it may not be where you want. A budget is your map to your financial goal.

Do

This week take the first step. Take control of your finances. Gather the information on your spending and income. Next week you’ll use this information to create a budget. 

• Find simple budgeting suggestions – How to Collect Data for Your Budget.

• Home and Budget Analysis – This on-line calculator allows you to enter your income and expenditures to help you understand your spending. It provides a one-time snapshot that you can print. The information you enter is not saved.
• If you’d rather not work on line, you can use your own method of recording. Or you can use this Expense and Income Worksheet.
• Where’s your cash? Many expenses can be tracked with bank and credit card statements. Cash expenses are often a mystery but quickly add up. Checkout this resource, Fritter Finder.

More

The first step can be the hardest. Expect to adjust the budget as you learn more. Don’t forget LifeMatters is a resource for obstacles you might face.

For more information about financial goals, see Financial Goals: Staying Focused and Motivated. 

Call LifeMatters, your EAP and Work/Life program at 800-657-3719 or use the LifeMatters website (password: stmn1 )for personalized, no-cost consultation with certified credit counselors regarding financial concerns and goals. LifeMatters is available 24/7 as a benefit for State of Minnesota employees and their family members.