{"id":107,"date":"2016-07-18T01:12:02","date_gmt":"2016-07-18T01:12:02","guid":{"rendered":"https:\/\/financialaid.syr.edu\/ofl\/?page_id=107"},"modified":"2021-12-20T17:40:39","modified_gmt":"2021-12-20T17:40:39","slug":"every-dollar","status":"publish","type":"page","link":"https:\/\/financialaid.syr.edu\/financialliteracy\/financial-basics\/every-dollar\/","title":{"rendered":"Give Every Dollar a Job"},"content":{"rendered":"

Controlling your spending is a skill that takes practice and discipline.<\/p>\n

What’s Your Style?<\/h2>\n

Different people have different relationships with money. Some are natural savers with more money left at the end of the month. Others are spenders with more month left at the end of the money. If you haven’t yet, spend thirty days recording your spending activity and determine your style. Keep a log, journal, or notes on your phone on what you’re spending every day and what you’re buying. Tracking your expenses will help with your next step.<\/p>\n

Every Dollar On a Mission<\/h2>\n

You’ve probably\u00a0heard people say to live on less than you make. Once you know\u00a0your expenses, use a free budgeting tool like the Orange Budget<\/a>\u00a0to record your income and plan your spending for the upcoming month. Assign a task to every dollar you earn. Budget to save money, but be sure to set funds\u00a0aside for entertainment, shopping, and other\u00a0miscellaneous items. When every cent has a predetermined destination and income minus spend\u00a0equals zero, you have created a zero-balance budget; this is the\u00a0goal. Follow the budget instructions<\/a> for more assistance.<\/p>\n

Banking Basics<\/h2>\n

Choosing a bank or credit union is an important step in establishing your financial foundation.\u00a0When choosing a bank, consider the following:<\/p>\n

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  1. Convenience\u00a0<\/strong>– It is generally easiest to work\u00a0with a\u00a0bank or credit union that is close to where you\u00a0live or work, as a physical location is more convenient when making transactions. As you shop for banks or credit unions, ask yourself:\n