Budgeting For Beginners

What comes to mind when you hear the word “budget?” A spreadsheet of tiny, number-filled boxes? Never getting to have any fun? A giant jar filled with coins?

It doesn’t have to be!

When done right, a budget can be an extremely helpful tool to help you increase your financial potential, and help you reach your goals faster than you thought imaginable. If you consider all of your spending habits, and can be honest with yourself about what you want, what you need, and what you spend your hard-earned money on—a budget can help you do things you’d never thought possible.

And we’re here to help with that.

When most people consider creating a budget, they open a spreadsheet and start dumping numbers into the little squares. But there are so many more ways to calculate your spending habits and help you save for the things you really want. Check out this easy-to-follow monthly budgeting worksheet from Consumer.gov. All you have to do is calculate how much money you make in a month, and then fill in the boxes with how much you spend in different categories, and it does the math for you. It even breaks down the most common categories so you won’t miss a single expense. Now you can have an accurate idea of how much money you can save each month.

Don’t like the worksheet from Consumer.gov? Don’t worry, there are hundreds available online that can help you come to the same conclusions. Check out what different sites offer until you find the one you like the best. And then do your best to fill out your budget every month.

While these worksheets try to be comprehensive, they don’t always include everything you may have to spend money on throughout the month. Are you paying back student loans? You’ll want to include that in there. Do you have to buy birthday/wedding/baby shower/graduation/holiday gifts? Make sure you budget for these extra expenditures. Planning on taking a trip? That goes in the budget too. Home updates, car repairs, college funds for your kids—put them in there. What about an emergency fund? Most financial experts agree that it is essential for everyone to have some money set aside to cover unexpected costs or to cover you should you lose your job or become unable to work. All of these things should count in your budget.

It can seem daunting and impossible to build a budget from scratch, but it is always the best way to help you keep track of your money and make sure that you are financially stable. And it can help you save for the things you’ve been dreaming about: a new car, a bigger home, a nice vacation, college.

We’re here to help you make the most of your money. Speak to one of our team members today at 1-800-321-DIME (3463) about the options available to you for increasing your savings and getting you ahead of the game on your goals.