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Union State Bank

Personal Budgeting

Creating a monthly budget is key to a secure financial future. It's a daunting task for some, and a nusance for others. Your budget should a variety of spending categories such as mortgage/rent, vehicle payments, student loans, food, and utilities. You could even break your utilities category down into specifics: electric, gas, water, etc. By listing all of your sources of income against your monthly expenditures you'll create a true picture of your personal cash flow which will allow you to make better and more informed financials decisions. It will help you answer that ever elusive questions, "Can I afford it?" Here are our top 4 tips for putting together a monthly budget.

1. Note Net Income

It's easy to overestimate your budget's starting point, always make sure you know and understand how much money you're bringing in each month.

2. Set Goals

Never head into a new month without a goal. Goals can be as simple as dedicating money to a solid emergency fund, or as indepth as choosing the right investments for you.

3. Make a plan

Once your goals are set you need to figure out how to meet them. Try things like eating out only twice a month and putting the savings towards one of your goals.

4. Track Your Spending

Do you know where you money actually goes each month? Tracking is key to helping you pivot and adjustment your spending to stay within your budget.

Having trouble getting started? Start by looking at your expenses from the last few months. We've created a helpful form you can use to calculate your monthly expenses and better plan for the future. Simply click the download link below, fill in the fields, and print it out!

Download a Personal Monthly Budget Kit