When creating a budget, you want to make sure that you make one that you can realistically live with AND one that allows you to save (even if just a small amount) every month. A flexible budget can also help you avoid overspending. Use these seven quick tips to help you make and stick to a budget each month:

1. Add up Your Total Income

   Remember: Gross income is what you make. Net income is what you take.

2. Track Your Spending

   NOTE: This can be as simple as inputting due dates for bills into your calendar, using online bill pay, or creating a spreadsheet.

   • Comparison Shopping: Compare the product, service, price, or interest rate before deciding to move forward.
   • Save Receipts: Keeping your receipts is a great way to make sure you remember expenses during the day.
   • Use Your Debit Card: Using your debit card rather than cash for most of your purchases creates a documented record of your spending.
     
     

3. Set Financial Goals

   • Make it a goal to deposit/move money into your savings account every time you are paid. That way, you’re less likely to spend it!

4. Calculate Mandatory Expenses

   • Follow the Seven Day Rule: When shopping, buy things because you need them and NOT because they are on sale. Walk away from major purchases for seven days and if you still must have it AND can afford it, then consider making the purchase.
     
     

5. Identify Debt Payments

   • Be sure to avoid late fees. Fees can add up (no matter how small) so make sure that you always pay your bills on time.
     
     

6. Make a Spending Plan

7. Adjust Each Month

Read more about how budgeting can help you save here and for more tips on saving, click here.