{"id":56,"date":"2016-06-30T19:14:32","date_gmt":"2016-06-30T19:14:32","guid":{"rendered":"https:\/\/financialaid.syr.edu\/ofl\/?page_id=56"},"modified":"2021-12-20T17:40:08","modified_gmt":"2021-12-20T17:40:08","slug":"financial-basics","status":"publish","type":"page","link":"https:\/\/financialaid.syr.edu\/financialliteracy\/financial-basics\/","title":{"rendered":"Financial Basics"},"content":{"rendered":"

Email\u00a0finlit@syr.edu\u00a0<\/a>\u00a0to make a virtual appointment with a Smart Money Coach!<\/p>\n

Build Your Budget<\/h2>\n

Download and use the\u00a0Orange Budget<\/a>\u00a0to take control of your money. Start budgeting today by\u00a0following these four steps:<\/strong><\/p>\n

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  1. In the \u201cMonthly Income\u201d section, enter all of your income for the month from different sources, after taxes have been taken out.\n
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    1. If you receive a refund from Financial Aid, whether it be from a loan or a scholarship, divide the full refund by the number of months you need the money to last. This is the number you will enter in the \u201cPlanned\u201d column.<\/li>\n<\/ol>\n<\/li>\n
    2. In the \u201cExpenses\u201d section, enter all of your planned monthly expenses.\n
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      1. If you live on campus you may not have all of the listed expenses. Simply ignore those categories that do not apply to you and enter the expenses you do have, such as buying food outside of meal plans, phone, entertainment, and personal items.<\/li>\n
      2. If you live off campus, add in your additional expenses such as rent\/mortgage and utilities.\u00a0Here is a link<\/a>\u00a0that will give you some ranges to consider.<\/li>\n<\/ol>\n<\/li>\n
      3. Subtract your expenses from your income. The Orange Budget does this for you.\n
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        1. If you have money left over, budget the rest to whatever you decide, whether it be saving, spending, or paying off debt. Give every dollar a job. Once income minus outgo equals zero, you have a zero-balanced budget.<\/li>\n
        2. If you are spending more than you make for the month, lower your expenses or raise your income. Contact the\u00a0Financial Literacy Office<\/a>\u00a0for help making a plan.<\/li>\n<\/ol>\n<\/li>\n
        3. Re-visit your budget daily to enter what you have actually received or spent.\n
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          1. In the \u201cReceived\u201d column, enter your income as it actually comes in to see if you projected accurately.<\/li>\n
          2. In the \u201cSpent\u201d column, keep track of what you are spending throughout the month to make sure you do not exceed what you planned.<\/li>\n
          3. Are you on track? Do you need to curb your spending for a few weeks? Your budget may not be perfect, but it will help guide you to financial success over time.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

            Orange Budget Excel<\/a><\/p>\n

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            Saving at Syracuse<\/h2>\n