7 tips for creating an effective budget
Budgeting can be daunting, especially if it鈥檚 your first time managing your own finances. Regardless of your income, budgeting is a great tool for everyone to use. In fact, it can help you save money, keep up with bills, work towards your goals and plan for the unexpected.
Here are a few simple steps you can take to create an effective budget.
1. Calculate your income
Whether you work part-time, full-time or receive a living stipend from your family or academic program, a good budget starts with calculating your income.
Here are some important definitions to know:
- Gross income: This includes everything you m