Make a plan for your money. Creating a budget will help you manage your income and spending and reach your goals.
Five steps to create a budget: Download and use our Budget (Spending Plan) Worksheet.
- Determine your monthly income: consider your income and any other resources.
- Make a list of your monthly and annual expenses. Tracking your daily spending can help you figure out exactly where your money is going.
- Compare income and expenses. If you are spending more than you are earning, think about how you might reduce your expenses.
- Create a budget that includes savings. Learn more about saving and investing.
- Periodically evaluate and adjust your budget.