What are some quick budgeting tips?

Wouldn’t it be nice if we could all have our own money tree? During the summer we could relax in its shade and in the fall we could "rake in the dough" for the winter and never have to worry about expenses. Unfortunately, no such tree has been found to exist. By maintaining a written budget, though, you can take control of your finances. All you need is a simple notebook and three easy steps.

• List all of your current monthly expenses, and estimate how much you’ll need to earn.
• Take action and analyze your spending.
  Do you really know where all your money goes? Are you able to pay for everything you need and save for what you want? Try making a "needs list" to avoid impulse buying. Decide what you need in advance and try waiting thirty days before making a purchase.
• Don’t quit or give up.
  Remember, a budget is simply a plan for spending and saving money, and like any other plan, it will only work if it is used.

Source: "Jump$tart Update" p. 6 (Summer 1998, Vol. 2, Issue 3)

Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach and Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach & Extension

Last update: Tuesday, July 05, 2005