Creating a Budget Video – Wells Fargo

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Creating a Budget Video

Transcript: Creating a Budget


When it comes to money, it can be really challenging to manage spending to save for short-term needs and long-term goals.

Having a budget is something that can really help reach those goals. Here are some ideas to get started.

First, make a list of income and expenses. Include everything earned from jobs and any other money coming in from work-study or internships, allowance, financial aid or scholarships. Break out expenses by category like housing, food, entertainment, education and so on.

Wells Fargo has free tools for customers like My Money Map, a tool that helps us visualize spending, create a budget and set savings goals. There's also My Spending Report which collects and summarizes our spending so you can easily keep track of your finances.

With or without those tools, it's now time do the math. After looking at income and expenses, carefully figure out how much money is available to spend. That number is your budget. If there's money left over, consider using it to boost savings for long-term goals or unexpected expenses.

Finally, we need to revisit the budget and adjust as things change. If we get a raise or get a rent increase, these things will affect our budget. Look and see if spending was within the budget. If it wasn't, it's time to figure out why and see where adjustments can be made.

And that's it.

It is really that simple. Create a budget, track income and spending and then see how it goes over time.

And don't worry if it's not exactly what was expected. Life happens, but having a budget can help us stay on track and reach our goals!