Balancing and Budgeting

Budgeting is not always easy. At the basic level, budgeting means you understand exactly how much money you earn and then you make smart decisions about how you manage that money. But everyone knows there are unexpected expenses or emotional whims that can blow up your budget. The key is to minimize, or better prepare for, those occurrences with a solid budgeting strategy that includes building up your savings account.

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Budgeting 101: What Does It Take?

  • Record how much money you’re earning
  • Collect receipts and track how much and where you spend money
  • Analyze your expenses and determine where you can cut costs
  • Create a spending strategy and remain disciplined
  • If possible, set aside some extra money that you can use to celebrate when you reach a financial goal

It takes discipline to create and stick to a budget. Start small by looking closely at how you spend your money. You can create a chart that shows you what you earn per week and what you spend. This will help you notice how you use your money.

Remember to take care of important bills first—such as housing costs, groceries, loan and insurance payments—before you make spontaneous purchases.

Balance your fun and your future by setting aside extra money in an interest-earning savings account at United Community Bank or a safe investment, such as one of our certificates of deposit. When you get a better handle on your finances, you will be able to enjoy life without worrying so much.

Budgeting boils down to a simple premise: Spend less than you earn. That’s the way to get ahead.