Week Two - Create a Budget

LEARN

What budgeting framework do financial experts recommend? Different circumstances influence guidelines but the percentages in this graph are common and a starting point.

Suggested Budgeting Guidelines

DO

Crunch your numbers! Create a budget.

1. Remember that financial goal you set in week one? That target will help you focus your plan. If you haven’t set a goal, take a minute now to write it down and save it. This tool can help Goal Sheet.

2. Start with small steps.  How to Create a Budget.

3. Crunch your numbers. You’ve gathered your spending, saving, and income information. Next step is to study your numbers.  

• Home Budget Analysis – Enter your starter budget and let the calculator do the math for you. The calculator won’t save your results.  Be sure to print your report so you have a record to refer to next week.

• If you’d rather not work online, add your starter budget numbers to the record from last week or use the Expense and Income worksheet.

4. Reward yourself. Did you include a modest personal spending allowance? Budgets are more workable when they include a short-term gain. Support your goal and build confidence.

MORE

Ask someone you trust to be a Budget Buddy.  Sharing encourages support, holds you accountable, and helps you stay on track. Everyone needs support. See if this strategy works for you.

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.