If you’re like most people, you don’t know exactly where all your money goes. You’ve more than likely discovered, at a most inconvenient time, that yours is gone!

So, for the next few weeks, jot down every amount you spend. Include snacks, meals, gas, bills, laundry, clothes, toiletries, postage and entertainment. Beside each item, write down whether you paid for it by cash, check or credit card. You’ll be surprised to see how much you spend on some items—and how much impulse spending you do. It’s likely you’ll spot some areas where you can cut down without big sacrifices.

Then, you have to know two things: how much money you have and how much money you need. The attached work sheet will help you get started. Here are some first steps:

· Identify your income sources. Your income can include savings, gifts, grants, financial aid and money from home, even a part-time job. If you have a scholarship or get financial aid, it should be used for academic expenses. You should list all sources of money, even if you don’t consider them to be significant.

· List fixed and variable expenses. It’s usually easy to list the fixed expenses. You know what they are. If you have a car payment, you know how much it is and when it’s due. You know how much your tuition is and when it’s due. The same is true if you have rent, car insurance and other fixed bills. It’s wise to have a savings account and deposit a regular amount on a monthly basis. Even a small amount can add up to a sizable sum over time, when you add to it consistently.