Create a simple budget
Budgeting is easier than it sounds, and it’s a great way to establish smart money habits. Here’s how to get started:
First, determine your monthly income.
This can include wages, tips, financial aid, savings, money from grandma — any cash you rely on every month. If your income varies, try tracking it for a couple of months to get an average number.
Then, add up your monthly spending.
Include fixed expenses that stay the same every month (like rent or your phone bill), plus estimate your variable expenses that change each month (like dining out and clothes shopping).
Identify any goals you’re working toward.
Keep your eye on the prize, whether you want to create an emergency fund, save for a study abroad trip, or cut down on spending. Establishing goals helps you figure out your finances.