Financial Literacy Training

The most important step in creating a budget is determining your monthly income. This includes your pay, contributions from family, financial aid refunds and any other type of income you may receive

Next, add up all your expenses for the month. It is easiest to start with your fixed expenses because those costs do not fluctuate from month to month. These expenses could include housing, car payments, insurance, dues, subscriptions, etc. Once you have entered your fixed expenses, it's important to then track all your variable expenses, which often change month to month. Variable expenses could include travel, entertainment, etc. 

Once you have calculated your monthly income and expenses, subtract your expenses from your income. You should have money left over that could be used to build savings, pay down debt and/or cover unexpected costs. If you are spending more money than you are earning in a month, you might need to adjust your budget or seek a second job to boost your monthly income. Use the table below as a guide when creating your monthly budget.

Time to pull out that old piggy bank and start saving all your loose change. Anytime you receive coin change, whether it’s pennies, nickels, dimes or quarters, put it in your piggy bank or "Spare Change Challenge Jar.” At the end of each month, deposit the coins you’ve collected into your savings account, and watch your balance grow! 

This one is easy: Simply save every $5 bill that finds its way to you throughout the year. When you receive a $5 bill, just don’t spend it! Put it in your savings account to help you reach the long-term financial goals you’re working toward. 

On the first day of the year, save one cent, and add one cent to your daily savings total each day for 365 days. You’ll save one cent the first day of the year, two cents the second day, three cents the third day, etc. The amount will continue to grow by one cent each day until the last day of the year when you will save $3.65. If you keep up this challenge for the entire year, you will add $667.95 to your savings account! 

Similar to the daily challenge, you’ll start by depositing $1 in your savings account at the end of the first week of the year. At the end of the second week, deposit $2, and so on, for the rest of the year, ending with a $52 deposit the last week. Students who complete this challenge will save $1,368.

This challenge involves monthly savings deposits throughout the year. The amount increases by $25 each month for the first half of the year and decreases by $25 the second half. Save $25 in January, $50 in February, $75 in March, $100 in April, $125 in May, $150 in June and July, $125 in August, $100 in September, $75 in October, $50 in November, and $25 in December. By the end of the year, you will have saved $1,050.