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Debt Management

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Budgeting 101:

Your Money Guide For Getting Through School

Part Two: Budgeting

Step 4 - Discretionary Expenses

Discretionary Expenses are items that are not necessary for survival. If your expense to income ratio is out of balance and you are spending more money than you earn, items from this category should be eliminated or cut back.

Discretionary Expenses

Monthly
Expenses 		Current
Expenditure 		Adjusted to
Balance Income
Entertainment/Recreation    
Movies/Plays    
Dining Out    
Sporting Events    
Magazines/Newspapers    
Barber/Beauty Salon    
Hobbies    
Fund Raisers/Organization Dues    
Other    
Other    
Other    
Total    

Tips:

Smart Spending Techniques, Practices and Recommendations

  • Begin saving one dollar-a-day and all pocket change, everyday
  • Wait for sales
  • Comparison-shopping sometimes can save you more than 50 percent
  • Make two shopping trips:
    • On the first trip compare prices, value, etc. Avoid carrying credit cards, too much cash or a checkbook on the shopping trips.
    • The second trip is when you will actually make the purchase after having determined the best value
  • Use coupons wherever possible and send in for rebates


 


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