Finance

Your Budget

Creating a Budget

Creating a budget involves taking a look at what you earn and what you spend. A good place to start is by looking at your budget on a monthly basis. Don't forget to take into account earnings and spending that may not happen each month (for example - insurance premiums, holiday spending, etc.). It may be helpful to create a budget based on what you think will happen and then keep track of what actually happens.

There are two major things to consider at when creating a budget:

  • 1) Your income(s)
  • 2) Your expenses

For more guidance, view the brief tutorial on creating a budget and supporting tools on the links below:

Creating a Budget This 2 1/2 minute tutorial will guide you through the steps to create a budget.

Track Your Money Worksheet Use this interactive worksheet to track your income and spending.

Monthly Budget Worksheet Now that you tracked spending, develop a monthly budget with this interactive worksheet.

Cash Flow Calculator This tool can help you see where your money goes by creating a pie chart of your cash flow.

Bank It or Bust It Game This game can help you become more familiar with basic budgeting choices.

Revisiting and Revising Your Budget

Once you have documented your income and expenses, you can then look at which - if any - you want to change. If your expenses are greater than you want, perhaps you can cut back on or even eliminate some non-necessary spending. If your income is less than you want, perhaps you can look at alternative sources of income.

Sticking to a budget can sometimes be a challenge. Your budget should have the flexibility to adjust as unexpected events occur. At the same time, it is important to remain focused and disciplined in order to meet the goals you have set.

Creating a budget is not a one time deal. It may be helpful to review your earning and spending amounts on a monthly basis. As your life changes, you may need to update your budget and adjust your money management accordingly.

Career / Education / Finance / Leadership / Personal / E-Folio Login / About GPS LifePlan

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On Campus

Your campus may have resources to assist you with developing your GPS LifePlan. Be sure to take advantage of their valuable services.

Upcoming Workshops

Workshops and seminars are a valuable tool to help you explore the different areas of the GPS LifePlan. Your campus may or may not offer workshops or seminars, check with your GPS LifePlan coordinator.


Checklists
Career Checklist

Navigate your CareerPlan by referencing the checklist below.

Have you:

  1. Assessed your values, interests, and skills?
  2. Researched possible career choices?
  3. Created a resume and cover letter?
  4. Activated your eFolio account?
  5. Started the job search process?

Click here to view the GPS LifePlan checklist.

Click here to view the GPS LifePlan list of activities and resources.

Education Checklist

Navigate your EducationPlan by referencing the checklist below.

Have you:

  1. Developed SMART goals?
  2. Decided on a major or program of study?
  3. Assessed your learning style?
  4. Researched study skills and strategies?
  5. Arranged a meeting with an advising professional to select appropriate courses?

Click here to view the GPS LifePlan checklist.

Click here to view the GPS LifePlan list of activities and resources.

Finance Checklist

Navigate your FinancePlan by referencing the checklist below.

Have you:

  1. Established your short and long-term financial goals?
  2. Created a budget?
  3. Explored resources to help you pay for college?
  4. Assessed your debt situation?
  5. Developed a savings plan for the future?

Click here to view the GPS LifePlan checklist.

Click here to view the GPS LifePlan list of activities and resources.

Leadership Checklist

Navigate your LeadershipPlan by referencing the checklist below.

Have you:

  1. Assessed your leadership style?
  2. Completed a personality inventory?
  3. Formed your personal mission and vision statement?
  4. Explored the leadership resources?
  5. Participated in a campus or community activity to help build your leadership skills?
  6. Determined your Carbon Footprint?

Click here to view the GPS LifePlan checklist.

Click here to view the GPS LifePlan list of activities and resources.

Personal Checklist

Navigate your PersonalPlan by referencing the checklist below.

Have you:

  1. Explored the transition to college resources?
  2. Assessed your resiliency and ability to adapt to change?
  3. Established personal fitness goals?
  4. Examined the physical and mental wellness resources?
  5. Researched how to manage healthy relationships?

Click here to view the GPS LifePlan checklist.

Click here to view the GPS LifePlan list of activities and resources.