North Brookfield Savings Bank’s Great Ways to Start and Keep a Budget
It is more important than ever for families to develop a budget and stick to it. Rainy-day funds, savings for college, or just making your rent payment can all be made easier with a budget.
Here are some great ways to start and keep a budget:
Track every penny you spend for a month. Keep receipts and write everything down. This will be an eye-opening experience and will help you see where you can cut back.
Count Your Money.
Determine the total amount of money coming in. Include only your take home pay (your salary minus taxes and deductions). Your income may also include tips, child support, investment income, etc.
Itemize, Categorize, Organize.
Review the records and receipts you’ve been collecting over the last month. Categorize your spending using a budget. North Brookfield Savings Bank’s Online & Mobile Banking has a Manage My Money feature which offers great resources for creating and maintaining a budget. Learn more here.
Set a realistic financial goal and develop your budget to achieve that goal. Subtract your monthly expenses from your monthly income. Find ways to cut spending and set limits on things like entertainment expenses.
Save, Save, Save.
Make one of your financial goals to save a certain dollar amount each month. Start an emergency fund if you don’t already have one. You never know when you may need it. You can learn some great tips for starting an emergency fund with NBSB’s “Advice for Starting and Building an Emergency Fund.”
Stick to it.
Keep track of your spending every month. Update your budget as expenses or incomes change. Once you achieve your financial goal, set another.
We’re Always Here to Help.