Back to Stress
Money Management
FOLLOWING A BUDGET IS KEY TO REDUCING
FINANCIAL STRESS
1. Track your spending for two to four weeks to find out where your money
is going. Use this information to complete your budget worksheet.
2. Map out a budget by listing your sources of income as well as expenses.
Use the chart below.
3. Examine your budget. Review your budget and consider
How can you add to your resources? This may mean getting a part-time job,
asking family for help, etc.
What expenses can be eliminated? Unfortunately, you may not be able to do
everything you want. Are there some things you consider necessities that
may really be luxuries? What things can you do less frequently? Are there
little things you buy each day (e.g., a latte) that add up? Can you cut
back on these?
INCOME
WEEKLY
MONTHLY
SEMESTERLY
Income
Allowances
Earnings from a job
Cash gifts and rewards
Grants, loans and scholarships
Other
TOTAL INCOME
EXPENSE
WEEKLY
MONTHLY
SEMESTERLY
Housing
Utilities
Food
Tuition, fees
Text Books
Transportation
Clothing, personal care
Medical and health
Recreation/entertainment
Church contributions
Savings
Gifts
Credit card debt
*Other
TOTAL EXPENSES
CREDIT CARDS
Being smart about credit means acknowledging that credit cards are not free
money. They are high interest loans.
If credit cards are a problem for you, you can…
· Consider a debit card instead, so you only spend money that you
really have.
· Use credit cards sparingly, not for small purchases. Otherwise
you may be paying interest on minor items - soft drinks, magazines, etc.
· Ask for your credit limit (potential debt) to be lowered. Companies
will try boost up your credit lines so you spend more. Tell them "no"
each time.
· Avoid applying for a card just to get a free gift.
· Research before choosing a card.
· Pay your bills on time. Try to avoid carrying a balance.
