Freddie Mac's CreditSmart Corriculum is a complementary curriculum to help consumers understand, build and maintain better credit.

Keeping your finances in good shape is a challenge. You can start by learning how to manage your money.

This section shows you how to:

• Separate your needs from your wants
• Calculate your monthly income
• Make a budget and stick to it
• Set priorities
• Develop good spending habits
• Avoid overspending during the holidays
• Save money for the future

Tips for Sticking to Your Budget:

Communicate with your household:

Take their needs and wants into consideration. Be honest when money is tight. Be prepared to compromise.Document what you spend in a way that makes it easy to track expenses.Be creative and use incentives. Remind yourself that you can buy those cool new shoes after just 3 months of saving. Review and revise your budget from time to time.

Fixed expenses: Costs or payments that generally do not vary from month to month (for example, a mortgage payment).

Net income: Your take-home pay after taxes and other deductions. It is the amount of money that you actually received in your paycheck.

Variable expenses: Costs or payments that vary from month to month
(for example, grocery bills).

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