Many people understand the importance of a budget and how it keeps your financial planning on track. But, it can be difficult to make time to actually to implement one. Here at DEXSTA, we have some ideas that can help you stick to your money budget!
Understand Your Income Vs. Your Bills
Basically, the purpose of a money budget is to help control spending and maximize savings. All budgets start with understanding how much money you earn and how much money you spend. The goal of a money budget is to help you live within your means — and save — on a month-to-month basis. When you spend less than your income, you can save. Try to put a few months of savings together — seeing an increase in savings may encourage you to spend even less.
Make Savings a Priority
It may seem hard to store your extra income at first. But, it will make the most significant difference for your future. Creating a habit of putting away money before you get a chance to spend it ensures you won’t go over budget. It also allows you to contribute to your retirement fund, emergency fund, savings account, etc. You might want to consider online banking because of features like online bill pay and checking account information on your mobile device. These features will allow you to know how your accounts are doing even on the go. Here at DEXSTA, we have online banking to help make managing your money simple.
Have Flexible Expectations
Unexpected expenses and emergencies happen, don’t be too hard on yourself when changes in your money budget will occur. Instead, when unexpected things happen, you need to be financially prepared. For example, if your car is having issues, and you might need to take it to the auto shop, which means you’ll probably have to cut back on your recreational expenses to cover the repairs. Also, try to have an emergency fund ready to use when you have unexpected expenses, it will help you when you need it most.
We are committed to our members. Our goal is to provide the highest level of service with competitive rates. Contact us, visit us online, or stop in one of our DEXSTA Federal Credit Union branches. We look forward to helping you with any budget questions.