One of the most valuable lessons that young people need is never adequately given. We help explain essential money skills that all adults need to know.

Below are ten important benefits college students and other young adults will gain if they create a personal monthly budget worksheet. By the way, if you need assistance creating a monthly budget, we have created an easy to follow budget template as part of our Money Skills DVD.

A Budget…..

1. … creates a useful historical record of your spending habits from which you can identify favorable and unfavorable trends.

2. … can help confirm whether or not you will be able to pay your bills on time or be forced to miss a payment.

3. … can be a useful tool for maintaining a solid credit rating (see bill paying above).

4. … can clearly illustrate your inflows and outflows of funds.

5. … provides a useful tool to help control day-to-day expenses.

6. … helps you save for big ticket items.

7. … will help you develop spending discipline and avoid wasteful spending.

8. … helps you establish a cushion for unexpected or emergency expenses.

9. … helps you prioritize what you’re choosing to spend your money on and can highlight expenses that you should attempt to reduce.

10. … helps identify if you need to adjust your income level (i.e. work more hours) to adequately cover your expenses.

As mentioned above, if you need assistance creating a personal budget, or just need someone to clearly explain basic money skills, please consider getting our Money Skills DVD. It is specifically designed for college students and other young adults.

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