Step 1: Identify and evaluate how you currently spend your money. Do you make impulse purchases? Do you spend more than you make? Do you have costly habits? Step 2: Within the constraints of your annual income, set short-term and long-term financial goals and determine how much you can allocate to each of the following: Expenses (e.g., Housing, transportation, food, entertainment, personal health, debt payments) Savings (e.g., emergency fund, retirement) Step 3: Track spending to make sure you are meeting your goals. You may want to use budgeting software or online services to help automate some of your tracking. If your student loan payment is greater than 10 or 15 percent of your income, contact MOHELA to explore a different repayment option.