I want to manage my finances

Prepare a budget in three easy steps

Have a goal in mind? New apartment, new car or study program? Here are three easy steps for preparing a budget that will help you maintain your lifrestyle and make your dreams come true.

Set goals

To carry out a plan, there is nothing like setting goals. Determine how much money you need to save up and how much time you have to do it. For example, if you want to save up enough this summer to be able to study full time throughout the fall without working, you might want to save up $3,000 in 10 weeks, which means setting aside $300 per week. Is that too ambitious? You might have to revise your goals downwards.

Implement a plan

Once you have set realistic financial goals, you will have to decide on what steps to take to reach them; that is, set money aside every week and include that amount in your budget.

Your budget, in three easy steps

  1. Make a list of your income from all sources and your expenses
  2. Add them up separately
  3. Compare the results

Example of a monthly budget

Income
Allowance: $50
Work earnings: $1,075
Cash gifts: $100
Total income: $1,225

Expenses
Outings: $200
Telephone: $75
Clothing: $200
Gifts to others: $75
Savings: $1,300
Total expenses: $1,850

Surplus or deficit: - $625

In this example, you will have to either revise your goals downwards or increase your income.

Budget calculator