New Money, New Budget

By Daisha Perez

Are you having a hard time building a budget and sticking to your plan? Do you find yourself constantly making purchases within your budget that are repetitive and boring?

Here are 5 easy steps to creating a budget that is simple and diverse!

1) Record your disposable income.  

Whether your income is weekly, bi-weekly, or monthly, this amount is a vital part in creating a budget. It is how much money you will have to dispose of on your needs and wants leading up to your next paycheck.

2) Record your list of expenses.

Starting with need based expenses: food, shelter, and safety.

 3)Disposable Income – Need Expense = Discretionary Income  

Now this is the income that you can get a little more creative with, discretion is advised!

4) Make a list of wants.  

Fulfilling a want on a budget is a creative challenge, make a list or create an inspirational archive of all your material and experiential wants, current and future, attached with a price and value. Don’t be afraid to go wild, the bigger the want the greater the fill!

5) Affordability & Significance

Find a balance between what you can afford at the moment and how much you really want it. Then, consider your options: purchase, hold-off on, save for, split with a friend, hint as a Christmas gift, etc.

Budgeting is very important, especially for college students! But just because your on a budget doesn’t mean you have to act like you are. There are limitless possibilities to what you can do when working with a budget, but only you know what you truly value in exchange for the money you worked so hard for.


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