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A woman working on her budget
Building a Budget

Learn what you’re spending, how much you can spend, and how to make it all work.

How To Create a Budget

Creating a budget is a crucial first step if you want to save more money, spend less money, and reduce your debt. A budget provides a clear picture of how much money you are spending for bills, groceries, gas, childcare and other expenses. It helps you to plan, so you have more money coming in than going out. Do it in three easy steps!

  • Step 1: Track Your Daily Spending

    If you want to be in control of your money, you must know where your money goes. Track your spending for one to two months, with a spending diary. Download our Daily Spending Worksheet.

  • Step 2: Determine Your Income and Expenses

    Compare income and expenses to help you balance your budget. Use our downloadable Monthly Income and Expense Worksheet.

  • Step 3: Decrease Your Spending or Increase Your Income

    Do you have more coming in than going out? There are two ways to tackle that:

    • Cut your spending. (Our Ideas for Cutting Expenses offers tips.)
    • Increase your income, so that you can pay off your debt and afford your lifestyle.

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