How to Budget
Ted Cooprider
◦ Cooprider Financial Partners in Williamsburg
◦ Chartered Special Needs Consultant designatio...
Introduction
What is a budget?
A budget is a plan for saving and spending money. It shows how
much you have coming in (inc...
Step 1: Think About What is
Important for You
What do you want to be able to do with your money?
◦ What do you want to wor...
Activity 1: List What is Important for
you

Write down specific things or activities
you would like to use your money for
Step 2: Separate Needs from Wants
Needs are things we require or must have in order
to live
Examples of needs:
◦Housing (r...
Step 2: Separate Needs from Wants
Wants are “extras” that make our lives more
comfortable and enjoyable but are not necess...
Activity 2: List your Needs & Wants
Write down things you need in the first
column and things you want in the
second colum...
Step 3: List All Income
Income is the money that comes into your household
This money can come from:
◦Paycheck
◦Supplement...
Step 3: List All Income
Example: Susie works part-time and earns $250 each month from her job. She also receives a Social
...
Activity 3: List All Income
Write down all of the money you earn
or receive each month in the table.
Add up all the number...
Step 4: List All Expenses
Expenses are the money you spend each
month. Expenses could include:
Rent
Water and Sewer
Electr...
Activity 4: List Expenses
Write down all of the money you
spend each month in the table below.
Some of these will be the s...
Step 5: Match Income and Expenses
Now it is time to see how you well you are doing
with your money.
Do you have money left...
Activity 5: Match Income and
Expenses
Write in your total monthly income and your
total monthly expenses. Subtract your ex...
Step 6: Look for Ways to Save
Money
Adjust thermostat when leaving the house or
sleeping

Borrow free books and movies fro...
Activity 6: List Ways You Might Be
Able to Save Money
Write down some specific ways you might be
able to save money, for e...
Step 7: Make a Budget
A budget is a plan for saving and spending your money. The totals for income and expenses must
match...
Activity 7: Make a Budget
Start with writing down your income.
Then write down all of the things you plan
to spend your mo...
Step 8: Keep Track of Your Money
It is important to keep track of your money each month so you can budget
correctly. You w...
Step 8: Keep Track of Your Money
EXAMPLE: Susie has started to keep track of her income and expenses. Each time she
spends...
Activity 8: Keep Track of Your Money
Each time you spend or receive money, write it
down on the worksheet on page 19. Use ...
Step 9: Review Your Budget
Each week, or month, review all the worksheets to see what is
working and what is not. You may ...
Step 9: Review Your Budget
Make a
budget
(page 15)

Start Again!

Write down all
the money you
receive on the
tracking for...
Step 10: Take the “Yes” or “No” Quiz
Questions
1. Do you know what the word ‘budget’ means?
2. Do you know where your mone...
Resources for Financial Assistance
Department of Social Services
Food stamps; Women, Infants, and Children (WIC); Low-inco...
Resources for Financial Assistance
Make sure that you receive the most for your money by checking your
credit report to ma...
References
National Endowment for Financial Education & The Arc of The United States (2001). Make the
Most of Your Money! ...
Money Management for Self Advocates
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Money Management for Self Advocates

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Ted Cooprider, a member of The Arc’s Board of Directors, led this Money Management class. We learned about how to stretch our dollars & use our money more wisely.

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Money Management for Self Advocates

  1. 1. How to Budget Ted Cooprider ◦ Cooprider Financial Partners in Williamsburg ◦ Chartered Special Needs Consultant designation ◦ Created to better prepare financial services professionals to help families with special needs to plan for their children’s future proactively ◦ tcooprider@financialguide.com ◦ www.coopriderfinancial.com ◦ (757)206-1627
  2. 2. Introduction What is a budget? A budget is a plan for saving and spending money. It shows how much you have coming in (income), how much is going out (expenses), and how you might save money Budgeting… ◦ Shows you how much money you have ◦ Helps you make decisions about the money you spend ◦ Helps you save money and plan for the future ◦ Simplifies and increases financial independence
  3. 3. Step 1: Think About What is Important for You What do you want to be able to do with your money? ◦ What do you want to work toward? ◦ Examples: ◦ Having enough money to pay your own bills ◦ Paying all of your bills on time ◦ Saving money ◦ Giving money to charity ◦ Taking a vacation ◦ Getting a better apartment or buying a house
  4. 4. Activity 1: List What is Important for you Write down specific things or activities you would like to use your money for
  5. 5. Step 2: Separate Needs from Wants Needs are things we require or must have in order to live Examples of needs: ◦Housing (rent) ◦Medicine ◦Food ◦Water ◦Clothing
  6. 6. Step 2: Separate Needs from Wants Wants are “extras” that make our lives more comfortable and enjoyable but are not necessary Examples of wants: ◦Big screen TV ◦Designer clothes ◦Toys & Video games ◦Eating out ◦Going to the movies
  7. 7. Activity 2: List your Needs & Wants Write down things you need in the first column and things you want in the second column
  8. 8. Step 3: List All Income Income is the money that comes into your household This money can come from: ◦Paycheck ◦Supplemental Security Income (SSI) ◦Social Security Disability Insurance (SSDI) ◦Money you take out of savings ◦Money from family members and friends (if regular)
  9. 9. Step 3: List All Income Example: Susie works part-time and earns $250 each month from her job. She also receives a Social Security check each month for $500. In addition, her parents give her $50 to help with groceries. When you add these up, her total income is $800 per month. Where my money comes from Amount Per Month Paycheck Social Security Financial help from parents and friends $250 $500 $50 Total Income $800
  10. 10. Activity 3: List All Income Write down all of the money you earn or receive each month in the table. Add up all the numbers to get your total income.
  11. 11. Step 4: List All Expenses Expenses are the money you spend each month. Expenses could include: Rent Water and Sewer Electric/Natural Gas Cable, phone, internet Medicine Clothes/shoes Personal items Haircuts Car payments, insurance, gas Insurance and Repairs Credit Card Payments Food (including eating out) Pets Entertainment/fun
  12. 12. Activity 4: List Expenses Write down all of the money you spend each month in the table below. Some of these will be the same each month but others may change. Add up all the numbers to get your total expenses.
  13. 13. Step 5: Match Income and Expenses Now it is time to see how you well you are doing with your money. Do you have money left over each month? Are you spending more money than you earn each month? If you have money left over – great job! If you came up short, you can look for ways you could increase your income or decrease your expenses – or both.
  14. 14. Activity 5: Match Income and Expenses Write in your total monthly income and your total monthly expenses. Subtract your expenses from your income and write down the total in the last box. This number will be positive if you have money left over and will be negative if you are spending more than you earn each month.
  15. 15. Step 6: Look for Ways to Save Money Adjust thermostat when leaving the house or sleeping Borrow free books and movies from the library Apply for a free government cell phone Make a shopping list and buy only the items on the list Buy only what you need instead of what you want Shop at discount stores Cook and eat most of your meals at home Buy generic items instead of name-brand Avoid borrowing money from family and friends Use coupons and look for sales Use cash instead of credit cards Look for free community events (festivals, concerts, movies) Get other quotes for car insurance
  16. 16. Activity 6: List Ways You Might Be Able to Save Money Write down some specific ways you might be able to save money, for example using coupons for groceries or turning off the lights when you leave a room
  17. 17. Step 7: Make a Budget A budget is a plan for saving and spending your money. The totals for income and expenses must match or your expenses must be less than your income! Planned Expenses 1. Rent Planned Income $400 2. Electricity $80 Paycheck $250 3. Phone/internet $50 SSI $500 4. Cable $50 5. Groceries $150 6. Bus tickets $25 7. Eating out $25 8. Savings $20 Family TOTAL $50 $800 TOTAL $800
  18. 18. Activity 7: Make a Budget Start with writing down your income. Then write down all of the things you plan to spend your money on. The total of your expenses and your income should match or your expenses must be less than your income!
  19. 19. Step 8: Keep Track of Your Money It is important to keep track of your money each month so you can budget correctly. You will need to write down: •Date •Item •Expenses •Amount paid/received •Income Use a plastic bag or envelope to keep receipts in.
  20. 20. Step 8: Keep Track of Your Money EXAMPLE: Susie has started to keep track of her income and expenses. Each time she spends or receives money she writes it down and puts the receipt in a plastic bag or envelope. Use a plus sign (+) for income and a minus sign (-) for expenses. Date Item Amount 7/1/2013 SSI check +$500 7/3/2013 Rent -$400 7/10/13 Fast food -$4.65 7/12/13 Movie ticket -$8.50 7/15/13 Paycheck +$125.00 7/15/13 Groceries -$32.47
  21. 21. Activity 8: Keep Track of Your Money Each time you spend or receive money, write it down on the worksheet on page 19. Use a plus sign (+) for income and a minus sign (-) for expenses. Save all of your receipts in a plastic bag or envelope.
  22. 22. Step 9: Review Your Budget Each week, or month, review all the worksheets to see what is working and what is not. You may want to ask a trusted family member, friend, or staff person to help you with this. ◦ Did you remember to write down all the money you are spending? ◦ Are you saving all of your receipts? ◦ Are you following your budget? ◦ Do you need to make changes? ◦ Are you getting close to your budget goals?
  23. 23. Step 9: Review Your Budget Make a budget (page 15) Start Again! Write down all the money you receive on the tracking form (page 17) Make any needed changes to your budget on (page 15) Write down all the money you spend on the tracking form (page 17) & save your receipts Compare your tracking sheet with your budget (page 15)
  24. 24. Step 10: Take the “Yes” or “No” Quiz Questions 1. Do you know what the word ‘budget’ means? 2. Do you know where your money comes from? 3. Do you know how to create a budget? 4. Do you know what you have spent your money on by the end of the month? 5. Do you know who to ask for help with your budget? Yes No
  25. 25. Resources for Financial Assistance Department of Social Services Food stamps; Women, Infants, and Children (WIC); Low-income Energy Assistance Program; Crisis Intervention Program Community resources like food banks, community action agencies and faith-based programs The United Way (for local resource information) Utility companies for possible payment plans Prescription assistance programs VITA tax preparation sites for free help filing taxes and collecting tax refunds
  26. 26. Resources for Financial Assistance Make sure that you receive the most for your money by checking your credit report to make sure that it does not have wrong information about your credit history. To order a free credit report: Call: (877) 322-8228 Log on to: www.annualcreditreport.com Write: Annual Credit Report Request Service PO Box 105281 Atlanta, GA 30348-5281
  27. 27. References National Endowment for Financial Education & The Arc of The United States (2001). Make the Most of Your Money! Denver, CO: National Endowment for Financial Education. Stouffer, Tere (2008). Everything Personal Finance in your 20s & 30s (2nd ed.). Avon, MA: Adams Media. Stouffer, Tere (2008). The Everything Budgeting Book (2nd ed.). Avon, MA: Adams Media.

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