With the number of financial transactions that can happen during a typical day, it’s easy to look over your monthly bank statement and wonder where your paycheck went. But by taking a more proactive approach and learning how to budget, you can prevent that “what happened?” moment and develop a greater understanding of income and expenses. Even better, proper budgeting can set you on the path toward boosting your savings.
“The benefit in having a dynamic budget is that you’re always aware of what you’re spending and saving, which means you probably have a good handle on your financial situation,” says Karen Guy, Business & Marketing Analyst at SAC FCU. “Also, remember that any budget plan needs to be flexible. It’s not a ‘complete it once and be finished with it’ type of plan. Reviewing and adjusting can be very helpful for keeping your budget on track.”
With SAC Federal Credit Union’s new e-book, The Get-Started Guide to Budgeting & Saving you can take control of your financial health by creating easy-to-follow budgets that also set you on the path toward saving. You’ll learn:
- First steps for creating a budget
- How to calculate your expenses
- The difference between fixed expenses and daily expenditures
- Why you should overestimate expense amounts
- Strategies for setting large goals, like starting a business or buying a house
- Whether you should add more to savings or pay down debt
- The value of an emergency savings fund
- How to calculate how long it will take to reach your goals
- Tips and tricks for reducing spending and increasing savings
- Avoiding budget and savings missteps
Learning how to budget and save is essential to a strong financial plan. When you master these elements, you’ll have a better handle on your money, and you’ll be in great shape to start working toward some larger goals.
Download the free budgeting and saving guidebook today!