Budgeting is an important skill you will use for your whole life. You can’t find the right place to live until you know just how much you are able to spend. Expenses can add up quickly, so it is important you know exactly what it is that you are spending money on. You may be spending money even when you don't know it!
Budget Consideration Questions:
- What is the monthly rent of the place I am at?
- Is the cost of utilities (electricity/water) included in my rent?
- What is the average monthly cost for utilities, cable, internet?
- What is my monthly average food cost?
- Don’t forget Renter’s Insurance. Before you sign your lease, help protect your belongings.
- How much money will I be spending on gas or bus fare?
- Will I have enough money to do things I love to do?
- How much do you spend monthly or yearly on clothing, shoes and accessories?
- It’s really good to save some money every month to cover those unexpected emergencies. How much money can you save every month?
Apps to Help you Budget:
- TrueBill is an app that enables the user to track their spending and budget their money. It will monitor your subscriptions and allow to unsubscribe directly in the app.
- TrueBill is one of many apps that help track spending and budget.
- Acorns is another app that rounds your purchases and invests your money for you. You can control the amount of money that goes into your investment account. There is also an option to open a ROTH IRA to start saving money
Don't Spend What you Don't Have!
Credit cards can be great...if you have enough money in your account to cover what you spend. A good rule of thumb is to only spend money that you have in your account. Everyone is different in tracking what you have. For some, physically tracking the amount of money you spend on a budget sheet can be a great idea. For others, occasionally logging on to your bank account/credit union may be the best way to track money spent each week/month.