Set your budget.

As part of the Plan it. Save 4 it. savings program you'll be encouraged to set a plan for reaching a goal you select. Setting a monthly budget as part of that plan will help you achieve your goal. A budget doesn't have to restrict spending. A budget ensures you'll have the money to spend -- now and in the future.

1. Create a list of your monthly expenses.

• Apartment/house
• Utilities & telephone
• Car/transportation
• Food
• Clothing
• Entertainment
• Medical
• Personal
• Education
• Savings
• Miscellaneous

2. Subtract your expenses from your monthly income.

3. Identify any areas where you may be able to reduce your spending and identify how you will reduce spending and by how much.

4. Then determine a savings amount. Put it in the list as an "expense" so you "pay yourself first" each month.

5. Determine how frequently you'll save each month. Weekly? Monthly?

6. Track your expenses for a few months to see if you've covered all items and if you have budgeted the correct amount.

7. Evaluate your budget and make adjustments where necessary.

Financial Sense Tips

Use these tips for ways to control spending, consolidate debt and save more.