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Planning your budget is the first step in managing your expenses and saving for the future. It’s a simple concept, but
often easier said than done: spend less than you make.
Step 1: Identify and evaluate how you currently spend your money.
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:
Step 3: Track spending to make sure you are meeting your goals.
If your student loan payment is greater than 10 or 15 percent of your income, contact MOHELA to explore a different
As you get more comfortable monitoring your expenses, you may need to modify your budget. For example, if your income isn’t
keeping up with your expenses and savings goals, some of your goals may be unrealistic and you may need to take action to slash
You may be able to reduce expenses by doing some of these: