As an accounting student, I find myself using a budget to keep track of my limited income. While it isn’t perfect, it helps me manage funds and save for the future; like an emergency fund. If I wasn’t a future accountant, I think it would be much harder.

Not everyone watches the financial news, nor do most people check their bank accounts twice a day. While it is recommended that you know the balance in your account at all times, no one is perfect. I’m not suggesting checking it nor should you sit down to Squawk Box. But with most of America in some form of debt — student loans, credit cards, and more are growing to the college population. How can one make sure they don’t find themselves drowning in debt and declaring bankruptcy? Simple, making a budget and sticking to it.

The thing is, making sure that assets = liabilities + owner’s equity, is easier said than done. Balancing a budget will take adjustments and most importantly, patience.

Most people, when they first, they often have trouble keeping up with the budget. Maybe because they put unrealistic expectations or set the bar low, whatever the case maybe—sticking to a budget is key. In the age of a growing student loan debt and increased credit card debt, there is a way to pay off the mountain of bills.

So to those of you who are struggling with keeping your budget balanced and sticking, here is a guide to make a basic budget. Next week, I plan on expanding on this — balancing a budget, saving and paying off debt.

Step 1: Calculate gross income

Gross income is the income that you earn before taxes. It’s important to know what that base amount.

The perfect way to figure out gross income is using a budget spreadsheet on excel. It also helps keep track of expenses and what EXACTLY you are spending money. This is a mere suggestion — if you want money in your pocket, capture and planning out this goal is tough.

Step 2: Calculate the hard stuff

How much money are you spending per pay period? Let’s say you get paid every two weeks. How much of your paycheck are you spending? If you find yourself eating out — most if not all of your paycheck is being depleted.

Now, after determining how much money you spend per pay period — it’s time to cut back. If you find yourself eating out, rather than cook, I would suggest on checking out Pinterest for recipes. It has helped me out greatly — though it is a slow process. Eating out is tempting but it’s more expensive and a waste. Another suggestion, I would see if you can look up recipes on tasty — a food-video instruction platform that helps beginners. Now, if you can’t help but spend — try to do a trick my accounting professor recommended: use only cash to spend on things you want. Sometimes, it feels like a debit card can be more than a gift card — which is a dangerous assumption.

Saving can often feel like a chore. Think of saving as an investment in your assets, or rather in yourself. So for every paycheck you receive, take out a % of 50 or more to put towards savings. If you can’t afford to do that, put at least some money away. The favorite saying of any accountant “Money today is worth more tomorrow.”

In addition — if you have credit card debt and can afford to pay it off now, do the highest plan payment possible. Credit card debt is accrued at ridiculous rates — around 24% and can affect your credit score — terribly. Now, if you have multiple credit cards — pay off the one that has the highest interest rate. Otherwise, you’ll be paying the interest expense instead of the balance. Even if it offers 1% cash back — spending $100, you will earn $1.00, whereas the interest for unpaid is 24%, $24 will be added to the growing balance. Twenty-four dollars may not seem like, but if you spend $100 in January, you don’t use the credit card and don’t start payments till May — the balance will be $293.16.

Step 3: Handle the expenses, don't let them handle you

You can do this. Rock your world. And one day, you will make enough money to be able to afford a luxury. Be patient and don’t stress.