Budget Building Tools and Resources
There are many online resources to help create a personal budget and assess your financial situation. The tools here will help you determine where your money is going and how you can create a limited budget while seeking employment.
Getting your finances under control is very important, especially when you don’t have a job. It's a task that usually involves making significant changes in the way you and your family members spend money.
In order to change spending with the least amount of stress for you and your loved ones, you should:
- track your current spending habits for a long enough period of time to see where your money goes. Ideally, you should track your spending for a month to be sure you include most of your recurring monthly expenses, including utilities, loan payments, and rent or mortgage payments.
- identify your priorities. Distinguish between essential expenses you must keep paying for, and non-essential spending that you can reduce or eliminate.
- identify ways to cut spending--or increase income—to balance your budget each month.
- monitor your ongoing spending to be sure you are in fact focusing on mandatory expenses.