How To Prepare a Budget

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How to Prepare a Budget... Would’nt it be nice to know exactly how much money you had coming in every month and how much youll have left after you pay your bills? It’s called budgeting, everyone can do it and every college student should. All It involves is a little time and effort with a pinch of know how. Budgeting is keeping record of your income and expenses. You might be suprised how much money the spender spends on frivilous items and how much could be saved if the temptations were resisted. Is there something you'd like to save money for in the future? For example, a trip, car or college? Budgeting is the answer. First, the need to gather all information on your Income is vital. Make a list and tally any sources of Income; such as, jobs, student loans, allowances, scholarships ect. Will your parents be helping you with your college expences? Will you be recieving money from any other resource after high school? Be sure to include all sources. Next, as with income, you also must record the expenses. There will be several different payments that payer will be paying regularly; such as, monthly rent, utilities, car payments, plus many more. Other payments vary in amount like groceries, gas, assesories and entertainment. But an expense is an expense no matter how small and it needs to be recorded, one and all. After the income and expenses are recorded , do the math, figure it out and find the balance. Is the balance in the negative or positive? If negative, find the way to make it right. Are there any things you can cut back on? Like that five dollar mocha, capachino, double shot, caramel latte, coffee from Starbucks every morning? But if your in the positive, keep up the good work and save it for a rainy day. To sum it all up, budgeting is something everyone should know and practice. It will help you to become a good manager of
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