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How do I create a budget?

How do I create a budget?

How do I create a budget?

Setting a budget for yourself might seem difficult, but it's not really that hard. In fact, you don't even have to write anything down. Mindfulness about money is the first and most important step.

Setting a budget for yourself might seem difficult, but it's not really that hard. In fact, you don't even have to write anything down. Mindfulness about money is the first and most important step.

Setting a budget for yourself might seem difficult, but it's not really that hard. In fact, you don't even have to write anything down. Mindfulness about money is the first and most important step.

Mar 6, 2023

Sam Lipscomb

6

min

Creating a budget is easier than you might think, and you don’t even need to put pen to paper to get started. Even basic reflection about your financial situation allows you to make the most of your money, prioritize your spending, and make sure you’re not in a position where you don’t have enough money left to make ends meet before your next payday. Here are some tips to help you get started.

Stay on top of your disposable income

If you only have $500 available to you before your next payday, make sure you know that. It’s ok to include savings, side hustle income, or money you get from your parents - just make sure you know what your number is on a regular basis. Fizz’s daily Autopay feature makes this easy, as you won’t be building up a balance that you have to pay off later like you would with a credit card.

Remember the constants

Every month, there are expenses that don’t change. Rent, subscriptions, and utilities typically fall into this category. Similarly, stay on top of your income. If you work a part time job with set hours, odds are you know when you get paid and how much you get paid. This is an easy way to keep track of your money. If you know you get paid $300 on the last day of every month but you also have to pay $150 in rent and subscriptions, it’s easy to wrap your head around the fact that you’ll have $150 in net income coming in at the end of the month.

Keep an eye on your excess spending

We all have wants. Whether it’s drinks at the bar, movie tickets, or new clothes, we should all be able to spend money on things that we want. Just make sure that you’re not overdoing it. Too many people close their eyes while they hit the “purchase” button. Don’t feel bad about buying that pair of shoes, just make sure that you have enough money to get by after you purchase them.

Start small

You don’t ever have to track your money in a spreadsheet if you don’t want to. But staying on top of your spending won’t ever hurt you, so you shouldn’t be afraid to explore budgeting apps and websites if they’re interesting to you. Once you’ve started thinking more presently about your spending habits, you can start to think about things like saving, investing, and donations if you’d like to. A few dollars here and there can help put you on the track towards financial freedom - long before most college students think about it.

Of course, if you want to go big right off the bat, that’s a great idea too. Financial health comes down to being thoughtful about your relationship with money. For some, this involves making spreadsheets and using apps that keep track of your spending. If you’re interested in doing this, try playing around with an Excel spreadsheet. Take note of your income and your expenses, and then break each down by category. You can also keep track of when payday is and when you owe money to different entities. Get as detailed as you like - there’s no wrong way to budget as long as you’re being thoughtful about it.

Sam Lipscomb

Author bio

Sam is a Kenyon College alum and is head of content at Fizz. He's been a go to personal finance resource among his peers since getting his first credit card during his sophomore year of college. He hails from Washington, DC, loves all things aviation, and currently lives in Los Angeles.

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Fizz; 40 Wooster Street, Level 2, New York, NY 10013

ShoulderTap Technologies Inc. d/b/a Fizz (“Fizz”) is not a bank. The Fizz Debit Mastercard® (“Fizz Card”) is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard® and may be used everywhere Mastercard® debit cards are accepted. Any loans you may be offered in connection with your use of the Fizz Card are originated by Lead Bank, a Missouri state-chartered bank. Any promotions or rewards you may be offered in connection with your use of the Fizz Card are offered and managed by Fizz, not our bank partners.

Increases or specific changes to your credit score are not guaranteed. Impact on your credit score may vary depending on your use. Fizz is required to report late payments, which may negatively impact your credit score. Credit scores are independently determined by credit bureaus based on a number of factors, including your activity with other creditors. The Fizz Card and related services will not remove negative credit history from your credit report. Fizz, on behalf of Lead Bank, will report your activities to Experian®, and Transunion® .For additional information, terms and conditions applicable to your use of Fizz’s services, please consult Fizz’s Terms of Use and Privacy Policy, the ShoulderTap Technologies Inc. d/b/a Fizz Consumer Cardholder Agreement, any Line of Credit Agreement in effect between you and Lead Bank and any and all other applicable terms, policies and guidelines made available to you through the Fizz services.

Testimonial Disclaimer: Review provided by customer to ShoulderTap Technologies, Inc. d/b/a Fizz directly. The comment above is related to individual experiences or results. Individual results may vary.

© ShoudlerTap Technologies © 2024 All Rights Reserved.


Fizz; 40 Wooster Street, Level 2, New York, NY 10013

ShoulderTap Technologies Inc. d/b/a Fizz (“Fizz”) is not a bank. The Fizz Debit Mastercard® (“Fizz Card”) is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard® and may be used everywhere Mastercard® debit cards are accepted. Any loans you may be offered in connection with your use of the Fizz Card are originated by Lead Bank, a Missouri state-chartered bank. Any promotions or rewards you may be offered in connection with your use of the Fizz Card are offered and managed by Fizz, not our bank partners.

Increases or specific changes to your credit score are not guaranteed. Impact on your credit score may vary depending on your use. Fizz is required to report late payments, which may negatively impact your credit score. Credit scores are independently determined by credit bureaus based on a number of factors, including your activity with other creditors. The Fizz Card and related services will not remove negative credit history from your credit report. Fizz, on behalf of Lead Bank, will report your activities to Experian®, and Transunion® .For additional information, terms and conditions applicable to your use of Fizz’s services, please consult Fizz’s Terms of Use and Privacy Policy, the ShoulderTap Technologies Inc. d/b/a Fizz Consumer Cardholder Agreement, any Line of Credit Agreement in effect between you and Lead Bank and any and all other applicable terms, policies and guidelines made available to you through the Fizz services.

Testimonial Disclaimer: Review provided by customer to ShoulderTap Technologies, Inc. d/b/a Fizz directly. The comment above is related to individual experiences or results. Individual results may vary.

© ShoudlerTap Technologies © 2024 All Rights Reserved.


Fizz; 40 Wooster Street, Level 2, New York, NY 10013

ShoulderTap Technologies Inc. d/b/a Fizz (“Fizz”) is not a bank. The Fizz Debit Mastercard® (“Fizz Card”) is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard® and may be used everywhere Mastercard® debit cards are accepted. Any loans you may be offered in connection with your use of the Fizz Card are originated by Lead Bank, a Missouri state-chartered bank. Any promotions or rewards you may be offered in connection with your use of the Fizz Card are offered and managed by Fizz, not our bank partners.

Increases or specific changes to your credit score are not guaranteed. Impact on your credit score may vary depending on your use. Fizz is required to report late payments, which may negatively impact your credit score. Credit scores are independently determined by credit bureaus based on a number of factors, including your activity with other creditors. The Fizz Card and related services will not remove negative credit history from your credit report. Fizz, on behalf of Lead Bank, will report your activities to Experian®, and Transunion® .For additional information, terms and conditions applicable to your use of Fizz’s services, please consult Fizz’s Terms of Use and Privacy Policy, the ShoulderTap Technologies Inc. d/b/a Fizz Consumer Cardholder Agreement, any Line of Credit Agreement in effect between you and Lead Bank and any and all other applicable terms, policies and guidelines made available to you through the Fizz services.

Testimonial Disclaimer: Review provided by customer to ShoulderTap Technologies, Inc. d/b/a Fizz directly. The comment above is related to individual experiences or results. Individual results may vary.