{"id":50,"date":"2022-01-11T17:50:46","date_gmt":"2022-01-11T17:50:46","guid":{"rendered":"https:\/\/stgschoolcraft.wpengine.com\/aid\/?page_id=50"},"modified":"2022-01-11T17:50:46","modified_gmt":"2022-01-11T17:50:46","slug":"budgeting-basics","status":"publish","type":"page","link":"https:\/\/www.schoolcraft.edu\/aid\/resources\/financial-literacy\/budgeting-basics\/","title":{"rendered":"Budgeting Basics"},"content":{"rendered":"\n

Budgeting Basics<\/h1>\n\n\n

Budgeting is important for every income level. You can use budgets to project your short-term and long-term goals. The process of budgeting is simply to state your income (money coming in), and examine your expenses (money going out).\u00a0The difference between your income and expenses represent your cash flow budget and it should preferably be always in the positive (income exceeds expenses).\u00a0

Below is an example of how everyday expenses can add up over time. A successful budget helps you recognize your need from your wants and helps you control wasteful spending.<\/p>\n\n\n

\"screenshot<\/figure><\/div>\n\n\n

Short-term Budgets<\/h2>\n\n\n

Budgets can be used to plan monthly spending. Use\u00a0this Microsoft Excel form<\/a>\u00a0or create your own to make your own monthly budget. For income, be sure to include things like gifts and financial aid. For the expenses, don\u2019t forget gas, cell phone, or school textbooks.<\/p>\n\n\n

Long-term Budgets<\/h2>\n\n\n