Budgeting
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Whether you've recently become responsible for managing your finances or you've been doing it for years, you should consider using a budget as one way to track your financial health.
A budget is:
- A plan for your income and expenses
- A reflection of your priorities (within your current financial reality)
- A pathway to financial freedom
While budgeting can seem intimidating for a variety of reasons, it doesn't have to be. Budgeting is not just about numbers or restricting your spending, but rather how you can change your behavior in order to reach your goals. When you focus on achieving your goals, the time you spend budgeting will feel worth your effort.
Why should you budget?
- To achieve a financial goal
- To cut costs and save money
- To better understand your relationship with money
Take the time now to create healthy financial habits that can stick with you for life. Future you will be grateful.
Watch this short video from Federal Student Aid for more information.
Budgeting Resources
With a quick search, you can find hundreds of resources to help you start budgeting. Financial Wellness @ Penn has done the work for you; we've curated a collection of resources that may be of interest to Penn students, including free budgeting apps, budget calculators, and our own budgeting template.
Budgeting Apps
Budgeting apps provide a quick and effortless way to track your finances. Most budgeting apps request permission to sync with your bank accounts in order to track your transactions. Often the app will analyze your financial transactions and provide you with an analysis of your habits and sometimes tips for improving your habits.
There are many budgeting apps available, some free and others paid. Search for the app that fits your needs. Here are some free budgeting apps that we like.
Budget Calculators
Budget calculators can show you a snapshot of your current financial situation. If you want a quick analysis of your current spending habits, consider using a budget calculator. You can determine if you're comfortable with your financial habits or if you'd like to make some changes. Here are a few budget calculators provided by resources we trust.
Budgeting Templates
If you're looking for a hands-on approach to budgeting, consider managing your own budget spreadsheet. You can create your own from scratch, or consider using one we've created.
Budgeting Apps
Budgeting apps provide a quick and effortless way to track your finances. Most budgeting apps request permission to sync with your bank accounts in order to track your transactions. Often the app will analyze your financial transactions and provide you with an analysis of your habits and sometimes tips for improving your habits.
There are many budgeting apps available, some free and others paid. Search for the app that fits your needs. Here are some free budgeting apps that we like.
Budget Calculators
Budget calculators can show you a snapshot of your current financial situation. If you want a quick analysis of your current spending habits, consider using a budget calculator. You can determine if you're comfortable with your financial habits or if you'd like to make some changes. Here are a few budget calculators provided by resources we trust.
Budgeting Templates
If you're looking for a hands-on approach to budgeting, consider managing your own budget spreadsheet. You can create your own from scratch, or consider using one we've created.
