Budgeting

GABI’s Financial Literacy Tips: Budgeting
 
What is budgeting?
Budgeting is an estimation of the revenue and expenses over a specified period of time. A budget can be made for a person, family, group of people, business, government, country, multinational organization or just about anything else that makes and spends money.
 
Budgeting Tips
  • Start with the most important categories first (Utilities, Food, Shelter, Transportation)
  • Pay off your debt
  • Make a schedule and stick to it
  • Don’t be afraid to trim your budget
  • Track your progress
  • Create a buffer in your budget
  • Try an online budget tool (check our banks’ websites for assistance)
Importance of budgeting
Want financial security? Follow a budget.
Here are six main reasons why making a budget is so important:
  • Helps you save money
  • Helps you prepare for emergencies
  • Helps control spending
  • Keeps you on track for your financial goals
  • Helps you avoid or get out of debt
  • Keeps you organized