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Top 5 Tips for Personal Budgeting

December 21, 2017

Centier Bank - Top Five Budgeting TipsManaging your personal finances can be a major hurdle for some. Creating a budget plan gives you the best chance to weather unexpected financial storms, and also gives you the flexibility you desire to treat yourself to something special from time to time.
   
Whether you’re starting from scratch or just need a financial tune-up, here are five great steps to creating a budget for you and your family.

1.    Write it down. Getting organized is key! Start by putting all your financial “ins” and “outs” in one place. Put your monthly income and revenue totals in one column and your bills and obligations in another. Subtract your money out from your money in and evaluate – are you coming out ahead? 
2.    Categorize your spending. Where is your money going? Break your spending into the following categories: housing, utilities, transportation, loan payments, credit card payments, insurance, groceries, entertainment, miscellaneous/unexpected. Look for imbalances that may be holding you back. Does “Entertainment” add up to more than 10% of your spending? Are you spending too much on credit cards? 
3.    Change the way you think about money. Are you truly getting the biggest bang for your buck? Could you go out to eat less often? Should you sign up for a budgeting tool online? 
4.    Reduce debt. This step is key to any healthy budget. Anything you have tied up in credit you are likely paying extra financing on. Pay down items with high interest or lowest balance debt first, and when you are spending, consider using cash or debit cards instead of your credit card to stay within budget.
5.    Make your personal plan. Create a plan that will work for you and your family long term. Be realistic in your planning, and remember that creating healthy habits take time. 

Want to learn more? Centier Bank’s Community Relations and Business Development team offers Centier to You presentations on site to help businesses and employers educate their staff on financial health. Contact Sheila Sieradzki at ssieradz@centier.com to take advantage of this no-cost opportunity! 

Your local Centier Bank banking team is also here to help. Click here to find the Centier branch closest to you. 
 

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