By now the school year is in full swing, classes have started, assignments are in progress and midterm test dates are on the calendar. A few of the big bills are paid and you have a good idea of what to expect for expenses for the upcoming months. You have a budget. What’s next?

To take your financial education to the next level…add a plan to your budget. The budget covers the current school year. What about next year and the year after? Now is a great time to look a little further down the road.

1. What amount of money will you need for each year? What is the total?
2. Do you anticipate any other expenses?
3. What kind of income will you bring in? Summer job, part time work, seasonal work or scholarships. Added together, these can be substantial amounts of income.
4. Do you think you’ll go on to further education?
5. Compare the expected expenses to income and figure out the gap.
6. How will you cover the difference?

If you are aware that you need more resources you can work on figuring out how to deal with it now. It is amazing what you can do when you have a little time to solve a problem – much better than when you are pressured and have fewer options.

A solid plan will allow you to make good choices that will have positive lasting effects.