Save before you spend.
It’s important to save money before looking at all your monthly expenses. By waiting until the end of the month to save, you’re subconsciously putting a priority on spending over saving – and you’re more likely to save less or not even save at all. But if you set money aside at the beginning of the month, you’re more likely to be consistent with your savings.
Start with the basics.
There are certain things in life that you NEED. Things like shelter, food, water, transportation… you get the gist. So, before you start deciding how much to spend on concerts, make sure your basic needs are taken care of.
Prioritize paying off debt.
Schooling, credit cards, vehicles, etc. Debt can add up quickly and being late on your payments can really hurt your credit score and hinder your access to future loans – so be sure you set aside enough money to cover your anticipated loan payments.
Set aside a little extra.
Not every expense is planned, and you don’t want to be surprised with a large expense. Set aside a little extra money each month in your budget to cover unexpected, miscellaneous expenses.
Keep it fluid.
Every month is different, so it’s hard to set a budget that’s relevant all year long. Christmas comes in December (surprise!!) – so make sure it doesn’t sneak up on you! Plan for the unusual months, so you’re not stuck in a tight spot.
Money Management.
If paper and pencil aren’t your thing, utilize our Money Management budgeting tool within online and mobile banking. Automatically categorize transactions, set goals, and keep tabs on where your money is going – all for free if you have an account with us. Learn more.
Start a budget and work towards improving your financial health today!