Budgeting Tips

Learning to budget can be your best friend when it comes to financial success.

It requires discipline and some self-awareness. But if you stick to it, being able to successfully budget will have life-long benefits.

To get started, we suggest you try these steps.

  • Track Your Spending – Store or save receipts, monitor transactions in Online Banking, even keep a log of your spending with your smartphone. The key is to watch where your money goes each week or month. Then, see where you’re doing well or what needs work and reduce expenses accordingly.
  • Determine Needs vs. Wants – Most of us can’t buy all we want without going into debt. Rather than spending money you don’t have, save for long-term needs, goals, or purchases. Consider one of our special accounts to help you reach a certain savings goal. If you tend to overspend, focus on the items you really need.
  • Stay In It For The Long Haul – There is no instant solution when it comes to budgeting, and you don’t always see results right away; it is a gradual process and can take months to see savings accumulate or a reduction in debt. The key is to stick with your plan and not get discouraged.
  • Collaborate With Family – If you’re married, craft a budget or “spending contract” together. This can assist in communicating about finances and not making purchases without telling one another. It can also reduce financial conflict and encourage you to plan together. If there are kids in the house, get everyone on board with the family’s budget.
  • Commit to Save – Use helpful tools like Direct Deposit or automatic transfer to save. You can have a specific amount deducted from your net pay to go directly into a savings account – before you have time to spend it.

Or call at 609-586-6669. We’d be happy to work with you individually.

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