Budgeting 101
A plan for using your income in a way that best meets your wants and needs.
What is a budget?
Student aid funds that do not have to be repaid
Grants
Understand the difference between needs and wants, then focus on the essentials first
What is prioritizing expense and goals
You probably aren’t saving for important financial goals, such as saving for a home or retirement.
What is not having a budget?
Who uses a budget
Who are individuals, businesses, government, everyone etc ( any answer is acceptable)
Provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses
What is a work study or work study program
Set aside a little bit of cash to cover miscellaneous expenses each month and make regular contributions to an emergency fund.
What is leaving room for surprises or rainy day money.
Not tracking all of your spending in various categories for a month and use the totals as a baseline when you set up your budget.
Guessing your expenses
What goes into a budget
What is income, expenses, savings
Federal, non-federal, institutional
What are the types of grants?
Some expenses vary from month to month or pop up infrequently, like holiday gifts or vehicle registration fees. Income can change, too.
What is revisiting your budget
or
What is editing your budget to fit your current situation
Overspending and prematurely blowing your budget or spending too little and failing to meet financial goals
What is not tracking your spending?
Money from jobs, allowances, return of investments, gifts, etc.
What is income
A college savings plan
What is an account to pay for an eligible college expenses (any similar variation of this answer is acceptable)
There are many ways to budget. Some people check in and track expenses by hand daily. Others want to do as little work as possible and opt for an app
What is testing out different budgeting methods
Not having a financial safety net to fall back on and risking having to dip into your long-term savings to cover your expenses.
What is not having an emergency fund
Set goals, estimate your income, estimate your expenses, plan for savings, balance and adjust the budget
What are the steps in planning a budget
A type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies,
What are student loans?
Start by articulating what’s inspiring you to create a budget. Are you overspending, in debt or looking for expenses to trim? Maybe you’re saving up for something, like a wedding or new baby.
What is the purpose of your budget
Depriving yourself of all entertainment spending.
Not Budgeting for fun