Getting the entire family involved is a great first step in a successful budget!
Monitor What You Spend
A solid budget begins by understanding your spending habits. Keep receipts or store them virtually and follow transactions in Online and Mobile Banking. Also, try online software programs that track your savings.
Understand Needs vs. Wants
Most of us can’t buy all we want without credit, so shop for the best loan rates. Also, review your current rates, and if it makes sense, save money by refinancing.
Get Everyone Onboard
If married, create a budget and “spending contract” as you work toward your life goals. Communicate openly about finances and major purchases. Involve the kids as well. They’ll gain valuable experience as they learn how to handle money.
Be Open With Kids
Share views on saving and spending with your children. Use everyday life as teaching moments. Also, work with older children to develop their own budget.
Take A Disciplined Approach
Save for larger assets, like a car or home, rather than overextending yourself. Consider leveraging our special accounts and using direct deposit for consistency.
Plan For The Future
Tools like Direct Deposit can help you reach your short and long-term goals. Have a specific amount deducted from your pay to go directly into one or more accounts.
Budgeting as a family can be a gradual process but extremely rewarding; watch for savings to accumulate, a reduction in debt, and an improved credit score. Your kids will also gain a head start in life!
Contact us for more! We can help you create a budget for your needs.