How to Create a Personal Budget

Make plans for your money that fit your needs today and in the future. If you are not working, make a budget anyway. You can use an occupation that is a good fit for you now. If you need ways to find an occupation, look at Explore Careers.

Make copies of the Personal Budget (pdf). You can create a budget to use now. Then make others that show how much money you might earn and spend in a few years. See how your money plans change when you add or cut expenses.

Look at your current budget.
If your budget affects others in your home or your life, include them in the planning process.

  • Do you have enough for savings and the things you need?
  • Can you spend less on the things that are “nice to have” but not needed? 
  • Where can you cut costs?

Sometimes people eat out less or buy fewer supplies. Sometimes people learn to live without cable TV or use a cheaper cell phone. If you have long-term goals, think about how to budget for them. See Create a Plan & Set Goals to help you.