Creating a Budget. Each month, use the budget to enter your estimated income and expenses, then track your actual income
Creating a Budget Each month, use the budget to enter your estimated income and expenses, then track your actual income and expenses to see if you’re living within your means. Are you over budget or do you have a cushion for the unexpected? Review your budget frequently to adjust your spending now and in the future, as necessary.
Here’s how to use the GradReady Budget Common income sources and expense categories have been added for you. Delete those you don’t need, or add others to suit your situation. Adding Your Income Sources and Planned Income Amounts 1. Click the pencil icon () on the left of any income source to: • Change the income source name • Delete the income source name using the trash can symbol • Add your planned income amounts 2. Click Save when you are finished editing income sources and dollar amounts. 3. Click + Add Income Source Item to create a new income category and planned income amount. Click Save when finished.
Adding Your Actual Income Amounts 1. Click the plus icon () to the right of any income source to: • Enter actual income received • Optionally describe the income type in further detail 2. Click Save when you are inished editing actual income amounts and descriptions. 3. Click the close icon () in the upper right corner of the window after adding an actual income amount.
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Creating a Budget Adding Your Expense Categories 1. Click the pencil icon () on the left of any expense category to: • Change the expense category name • Delete the expense category name using the trash can symbol 2. Click Save when you are finished editing expense category names. 3. Click + Add Category to create a new expense category. Click Save when finished. 4. Click the right carrot icon () on the right to open the categories. Click the down carrot icon () to close the categories.
Adding Your Expense Items and Planned Expense Amounts Below expense category names, you’ll see expense items. 1. Click the pencil icon () to the left of any expense item to: • Edit or delete the expense item name • Add your planned expense item amounts 2. Click Save when you are finished editing expense item names and amounts. 3. Click + Add Expense Item to create a new expense item and planned amount. Click Save when finished.
Adding Your Actual Expense Amounts 1. Click the plus icon () to the right of any expense item to: • Enter actual expenses paid • Optionally describe the expense type in further detail 2. Click Save when you are inished editing actual expense amounts and descriptions. 3. Click the close icon () in the upper right corner of the window after adding an actual expense amount.
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Creating a Budget Evaluate your Balance and Total Expenses Under the Month/Year heading, the balance will adjust based on the actual income and actual expenses. If the amount is red, you are spending more than you have. Under Total Expenses, the Planned and Actual amounts are displayed. If the Actual amount is red, you are spending more than what you budgeted.
Track your Income and Expense Every Month With each new month, you'll have the option to copy your previous month's planned and actual income and expenses. Then simply make adjustments as needed.
