Budgeting
Make a plan for your paycheck so the bills get paid.
New to money stuff? Start with Money basics, a 10-minute guide.Why this matters
A BudgetA plan for where your money will go, so you know what you can spend before you spend it.More in the glossary helps you see where your money goes, so you can decide where it should go. It doesn't have to be perfect. Even a rough plan can help you avoid late fees and end-of-month stress.
Lessons
- Make a plan for your paycheckA budget is a simple plan for your money. Here's how to make your first one.2 minute read
- Needs, wants, and the 50/30/20 guideHow to sort your spending, and why the 50/30/20 rule is a starting point, not a test.2 minute read
- When your pay changes week to weekBudgeting tips for gig work, tips, or hourly shifts that go up and down.2 minute read
Tools
- Paycheck budget builderList your pay and bills to see what's left and where your money goes.
- Irregular income plannerIf your pay changes month to month, plan on your lowest month and save the rest as a buffer.
- Bill calendarSee which paycheck pays which bill, and spot a paycheck that comes up short before it happens.
Common mistakes
Planning with your hourly pay or salary.
Instead: Plan with your Take-home payThe money that actually reaches you after taxes and other deductions come out of your paycheck. Also called net pay.More in the glossary, the money that actually reaches your account.
Forgetting bills that don't come every month.
Instead: List costs that come once or twice a year, like car registration, and save a little toward them each month.
Giving up after one hard month.
Instead: Change the numbers and try again. A budget is a plan you adjust as you go.
Where to get free help
- Nonprofit credit counseling (NFCC)
A certified credit counselor can go over your budget and debts with you, for free or at low cost.
- 211
Call or text 2-1-1 for free, private help finding local programs for rent, utilities, food, and other bills.