You need a budget! You know someone has told you that more times than you’d like to remember, but it is true! You do need a budget! If you don’t know how much money is coming in, then how do you know how much you can spend? It’s simple math. And luckily, making a budget is not difficult however, it might be a little painful to see how you actually spend your hard-earned cash. A budget spotlights where your priorities lie and you may be spending more on items you don’t really need...and you didn’t even realize it!
Now we realize the difference between wants and needs. But just like actually making a budget makes a difference (you just can’t wish you had one), you need to identify what you actually need and what you want. If you are disciplined enough to sit down and really put some thought into this exercise you will be shocked at what you discover! Your budget will take on quite a different picture after you reflect and determine what you really need to purchase. Be prepared, you will most likely revise your budget several times before you reach the most effective version. That’s ok! You are figuring this out one dollar at a time!
Budgeting is quite a hot topic and there are loads of resources to help you become proficient at managing your money, today and for the future. A particularly stellar program developed by the Oklahoma College Assistance Program and the Oklahoma State Regents for Higher Education offers online budgeting tools, learning modules for all types of money matters, and great podcasts to keep you in the know! Oklahoma Money Matters, OKMM is a great resource for the students of Oklahoma!
If you are enrolled in Freshman Seminar or another course that encourages you to get your finances in order, then continue to the CashCourse tab under Flight Plan and begin your assignments chosen by your instructor that revolve around creating a budget. Remember to always choose the correct instructor before completing your assignments. If you are on this website because you are motivated to manage your money wisely and are choosing the self-study option, then also continue to the CashCourse tab, create an account if you haven’t already done so, then choose the topic “Spend”. There you will find resources to help you make sound financial decisions. You decide what your plan will be!