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Playlist: Budgeting

A Minute to Learn It - 5 Things You Need to Know about Budgeting

A Minute to Learn It - 5 Things You Need to Know about Budgeting 1. Track your income.

Keep a list of how much, how often, and what sources of income you receive each month.

Add up your total income.

2. Track your expenses.

Keep a list of how much and where you spend your money.

Add up your total expenses.

3. Compare your total income and expenses.

It is important that your expenses are not more than your income.

4. Build your budget.

Using your tracked income and expenses, create a plan of how to spend your money.

Once your expenses fit within your income, you have balanced your budget.

5. Follow and maintain your budget.

Each month, review and update your budget.

Sticking to a monthly budget allows you to adapt to changes in both your income and expenses.

Budgeting is key to managing your money! Your spending should not exceed your income.

If your expenses are greater than your income, don't worry! Watch our "What if my expenses exceed my income?" video for more in-depth tips.

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