Just Do It!
Much like other topics in this online website, the best practice is through experience. For this module, the best practice is to create a Budget. Completing this is quite simple and should only take about an hour. I took the list below from the How to Set Up a Budget. Useful tools for making a budget include programs such as Microsoft Excel (Spreadsheets!!) or with other types of budgeting software. Check out the link above for more details on each of these items as well as links to further resources. Here's what you'll need to do:
1. Determine your Income
2. List your Fixed Expenses
3. List your Variable Expenses
4. Compare your expenses to your income
5. Track your Expenses
6. Adjust as Needed
7. Evaluate Your Budget
1. Determine your Income
2. List your Fixed Expenses
3. List your Variable Expenses
4. Compare your expenses to your income
5. Track your Expenses
6. Adjust as Needed
7. Evaluate Your Budget
Additional Resources:
Check out the games in the gaming tab as in many of the games you will have to budget costs in order to pay off things such as debt. If you'd like more guided worksheets that assist with choosing a car or a healthcare plan, head to the Budgeting unit on the online tool Next Gen Personal Finance.