Budgeting is one New Year’s resolution that can make an impact on your family now and for many years to come, but it’s not always easy and certainly not fun to talk about.  Budgeting does have advantages that can make it worth your time.  Think of budgeting as a means for decision making.  A budget shows you how much money you have and the best way to spend it to cover your needs.  A budget allows you to be in control of your income instead of feeling like your bills are in control of you!

Here are a few tips to help you set up a budget and stick to it:

• Start by identifying how you spend your money now.
• Evaluate your current spending and set your budget to cover your necessary expenses first (rent, food, utilities, etc.).
• Track your spending to make sure it stays within the budget.
• Use a calendar to plan when you are paid, the amount you will receive and the bills you will pay before the next payday.
• Pay bills when you get paid, and before you spend for anything else.
• Set aside money for unexpected expenses like car repairs or broken appliances.
• Try using the envelope system if you have trouble keeping track of debit or credit card use.

Take control of your finances this year by creating a budget and sticking to it!   You can find more information about money management at fcs.tamu.edu/money/.