The most basic element of managing money is creating a budget. A budget states how much money you have and where you spend money. Most of us know how much money we make or how much money we have, but fewer know exactly where we spend our money.
Having a spending plan is a tool to help you see clearly where your money is going on regular basis. Creating a year-long goal spending sheet, which lists anticipated costs, is helpful, too. The year-long spending sheet could include things like a six-month premium for car insurance, semester book expenses, or the cost to celebrate your friends birthdays.
Saving for those priorities means spelling out what we want to achieve and when. Use SMART Goals to save.