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A budget is a planning tool that helps you keep track of how you spend your money. It includes an estimate of your expenses and the way you expect to pay for them.
A budget is based on your:
Budgeting helps you spend wisely and save money.
To reach specific financial goals, put a set amount into your savings and/or investments.
Let's look at how Vanessa creates her budget:
When you are finished, print out your budget and compare what you are spending to the following basic budget guidelines. (See our Decimals and Percents tutorials in our Math section if you need help calculating percents.) Is your spending within the guidelines?
Your initial budget may change as you learn more about money matters. In the short term, it will get you thinking about how you spend your money.
Being a wise consumer can help you stay within your budget. Here are some cost-cutting tips:
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