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Build a Better Budget

03/15/2016
Build a Better Budget

The biggest mistake you can make in budgeting is following a budget designed for someone else. Your budget needs to be based on your current expenses instead of a one-size-fits-all formula, because
everyone’s situation is different. Someone living in the city may rely on public transportation, but pay more in housing; where suburban or rural dwellers will spend far more factoring in gas and car maintenance.

First you must gather all of your current spending information and put them into categories such as Entertainment, Home, Food and Dining, etc.  Once you have the information you can then enter it into a chart in Excel or draw a proportional chart.  It is important to stick to important categories and keep it simple.  Having over 15 can be very hard to keep track of and effectively budget.

Review largest expenses first.  Cutting out discretionary spending (the subscription to HBO or the bi-weekly movie night) will not have a large impact.  Instead, start where the money is.  Consider that no expense is fixed; your rent, your student loans, even your credit card payments could all change with negotiation.

Set monthly goals such as saving for a date night, and longer-term targets such as paying off a house.  Be sure you are keeping track of your progress and record any shortfall or surplus in the budget.  If you beat your budget, that surplus money can go toward one of your goals or in an emergency fund.

See what Riverset can offer to help you cut down your monthly payments and start saving.  Whether it’s refinancing your current Auto Loan for a better rate or transferring a high balance credit card to a Riverset PayBack VISA Credit Card at a better rate, Riverset can help make 2016 the best year it can be for you and your wallet.

 

Switch Your Direct Deposit to RCU

Setting up a portion or all of your payroll or Social Security check to be automatically deposited into your Riverset account is simple, saves you time, and is a great way to start saving. Sign up for Direct Deposit and simplify your life! Contact us to learn more.

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I absolutely love the new mobile check deposit option! Brittany, South Side, Pittsburgh