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</ul></li> <li class="last leaf menu-mlid-2266"><a href="/forms">Forms</a></li> </ul></div> </div> </div> </div> </div> </div> <div id="breadcrumb" class="row-full-width"><div class="inside"><h2 class="element-invisible">You are here</h2><div class="breadcrumb"><a href="/">Home</a> > <a href="/financial-literacy">Financial Literacy</a> > <span class="breadcrumb-page-title">Spending Plan</span></div></div></div> <div class="content-top"> <div class="region region-content-top"> <div id="block-fieldblock-node-page-default-field-paragraph-sliders" class="block block-fieldblock"> <div class="content"> <div class="paragraphs-items paragraphs-items-field-paragraph-sliders paragraphs-items-field-paragraph-sliders-full paragraphs-items-full"> <div class="field field-name-field-paragraph-sliders field-type-paragraphs field-label-hidden"><div class="field-items"><div class="field-item even"><div class="entity entity-paragraphs-item paragraphs-item-slider"> <div class="content"> <div class="field field-name-field-pg-slider-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><div class="bg-slider-image" style="background-image:url('https://finaid.ucsf.edu/sites/g/files/tkssra336/f/styles/slider_secondary/public/BudgetUCSF_20160114_Students_IrvingStreet.jpg?itok=Ps8tisO4')"></div></div></div></div><div class="group-slider-content field-group-div"><div class="group-slider-inside field-group-div"> <h1 class="field field-name-field-pg-slider-title field-type-text field-label-hidden"> Spending Plan </h1> <div class="field field-name-field-pg-slider-body field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even">As a student or resident, your income is low and the cost of living in San Francisco is high. Having a good spending plan will alleviate financial stress and help you gain control of your finances.</div></div></div></div></div> </div> </div> </div></div></div></div> </div> </div> </div> </div> <div id="main-wrapper"> <div id="main" class="clearfix"> <div id="content" class="column"> <div class="inside"> <a id="main-content"></a> <div class="tabs"></div> <div class="region region-content"> <div id="block-system-main" class="block block-system"> <div class="content"> <div id="node-141" class="node node-page slider-secondary clearfix" about="/financial-literacy/spending-plan" typeof="sioc:Item foaf:Document"> <span property="dc:title" content="Spending Plan" class="rdf-meta element-hidden"></span><span property="sioc:num_replies" content="0" datatype="xsd:integer" class="rdf-meta element-hidden"></span> <div class="content"> <div class="field field-name-field-body field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"><h2 class="text-h4-style">What's a Spending Plan?</h2> <ul style="margin-left: 40px;"> <li>After paying your monthly bills (i.e. rent, food, utilities, credit cards), are you still coming up short?</li> <li>Are you worried that you are "overspending"?</li> <li>Is your credit card payment(s) more than you can pay off monthly?</li> </ul> <p>If you answer yes to any of these questions it is time to evaluate your spending patterns.</p> <p>As a student or resident, your income is low and the cost of living in San Francisco is high. If you are like most people you are not really sure where all your money goes. After you pay for the basics such as rent, food, and utilities, your remaining income disappears. For some, additional student loans are borrowed or credit cards are used to supplement their income during a month of high expenditures. The concept of saving any money for the future seems unrealistic. The following steps will guide you through a simple way to re-evaluate your monthly spending patterns. The outcome will identify areas that you may be overspending and then make recommendations on how to gain control of your finances.</p> <h2 class="text-h4-style">Get Started - Figure Out Where Your Money Goes</h2> <p>The only way to find out is be a researcher: you and your money are the subjects of your study - conduct some research for a month.</p> <ol> <li>Keep a spending log and save your receipts. Categorize what you spent into broad categories. Expenses should include everything: magazines, snacks from a vending machine, lottery tickets, lunches, parking, donations for gifts, etc. When you put your hand into your pocket or use a card in your wallet or pay a bill online, write it down.</li> <li>Categorize spending under "fixed" or "variable" expense. Fixed expenses such as rent will be the same total amount each month. Variable expenses such as food will change from month to month.</li> <li>Use the聽<a href="/sites/g/files/tkssra336/f/wysiwyg/resources/annual_budget_calculator_2023.xlsx">annual budgeting tool</a>聽designed for UCSF students living on the financial aid budget or a general聽<a href="http://www.youcandealwithit.com/borrowers/calculators-and-resources/calculators/budget-calculator.shtml" target="_blank">household budget calculator</a>. If you come up with a negative balance, you will need to consider your priorities and make some difficult financial decisions.</li> </ol> <h2 class="text-h4-style">Track Your Income and Expenses</h2> <p>Once you figure out where your money goes and create a spending plan, make sure to continue tracking your spending to ensure it is aligned with your spending plan.</p> <p><strong>Useful Free Budgeting Websites and Apps</strong></p> <ul style="margin-left: 40px;"> <li><a href="https://www.mint.com/" target="_blank">Mint</a></li> <li><a href="https://www.personalcapital.com/" target="_blank">Personal Capital</a></li> </ul> <h2 class="text-h4-style">Reduce Your Spending</h2> <ul style="margin-left: 40px;"> <li>Consider some "one less" and "substitution" strategies; Love Jamba Juice? Can't give it up? Do it less often. Or try making something yourself as a substitution. Would you be able to save $100 a month by cooking at home rather than eating out?</li> <li>Take a long hard look at everything you purchased. Did you need it or just want it? Is it worth keeping a car? Am I spending money the way I want to? Can I make any changes? With these questions in mind, go back over any variable expenses. Consider where you can cut back, and by how much.</li> </ul> </div></div></div> </div> </div> </div> </div> </div> </div> </div> <div id="sidebar" class="column"> <div class="sidebar_top"> <div class="region region-sidebar-top"> <div id="block-menu-block-2" class="block block-menu-block"> <h3><a href="/financial-literacy" class="active-trail">Financial Literacy</a></h3> <div class="content"> <div class="menu-block-wrapper menu-block-2 menu-name-main-menu parent-mlid-0 menu-level-2"> <ul class="menu"><li class="first leaf active-trail active menu-mlid-2231"><a href="/financial-literacy/spending-plan" class="active-trail active">Spending Plan</a></li> <li class="expanded menu-mlid-2236"><a href="/financial-literacy/debt-management">Debt Management</a><ul class="menu"><li class="first last leaf menu-mlid-12026"><a href="/financial-literacy/debt-management/public-service-loan-forgiveness">Public Service Loan Forgiveness</a></li> </ul></li> <li class="leaf menu-mlid-2241"><a href="/financial-literacy/understanding-credit">Understanding Credit</a></li> <li class="leaf menu-mlid-13566"><a href="/financial-literacy/help-taxes">Help With Taxes</a></li> <li class="last leaf menu-mlid-19121"><a href="/financial-literacy/faqs">FAQs</a></li> </ul></div> </div> </div> </div> </div> <div class="sidebar"> <div class="section"> <div class="region region-sidebar"> <div id="block-block-16" class="block block-block"> <div class="content"> <p style="text-align:center"><a href="http://coronavirus.ucsf.edu" target="_blank"><img alt="Get updates on UCSF's response to the COVID-19 outbreak at coronavirus.ucsf.edu" height="207" src="/sites/g/files/tkssra336/f/wysiwyg/media/SIDEBAR-GRAPHIC-flat-covid-19-response.png" width="310" /></a></p> </div> </div> </div> </div> </div> </div> </div></div> <div id="footer"> <div class="section"> <div class="footer-bottom"> <nav aria-label="Footer Navigation" class="footer--navigation"> <ul> <li><a href="/about-us/contact">Contact Us</a></li> <li><a href="https://www.ucsf.edu/accessibility-resources">Accessibility</a></li> <li><a href="https://www.ucsf.edu/website-privacy-policy">Privacy Policy</a></li> <li><a href="https://websites.ucsf.edu/website-terms-use">Terms of Use </a></li> <li><a href="https://websites.ucsf.edu/azlist">A-Z Website List</a></li> </ul> </nav> <div class="footer--copyright"> <p>© 2024 The Regents of the University of California</p> </div> </div> </div> </div> </div> </div> <script type="text/javascript"> <![CDATA[//><!]]> </script> <script type="text/javascript"> /*<![CDATA[*/ (function() { var sz = document.createElement('script'); sz.type = 'text/javascript'; sz.async = true; sz.src = '//siteimproveanalytics.com/js/siteanalyze_8343.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(sz, s); })(); /*]]>*/ </script> </body> </html>