STREAMING NOW: Watch Now

My Money Monday, Feb. 26 - Creating a budget plan

Here are some tips to get ahead by using a budget.

Posted: Feb 26, 2018 7:20 AM
Updated: Jun 20, 2018 2:03 PM

Link: https://www.firstalliancecu.com/blog/the-basics-of-a-budget-plan

Q: Is creating budget plan really all that important?

A: In short, yes budget plans are very important. People often think that budgeting for their personal finances is not helpful or is a waste of time, but if a company didn’t have a budget plan you would question the soundness of their business. You have to remember that a budget is simply a plan to manage income and expenses in a way that will give you peace of mind and maximize your paycheck.

Q: That’s an excellent point Jarek! So, what is the best way to start a budget?

A: A budget doesn’t have to be complex to be effective. Start with tracking all of your spending for three to six months. Then start making decisions on which expenses could be reduced or eliminated altogether. Next start making habit changes to lower or eliminate those costs, and put the savings into a savings account.

Q: What are some common areas people can cut back on?

A: Most people have heard the “cut back on going out to eat” line, but it really is an effective way
to save some money every month. But another area to look at is your electricity usage or even reviewing your insurance policies to make sure you’re only paying for what you need. Once you know where your money is going it easier to understand what area you can cut back on.

Article Comments

Mason City
Clear
wxIcon
Hi: 12° Lo: 8°
Feels Like: -3°
Albert Lea
Clear
wxIcon
Hi: 7° Lo: 7°
Feels Like: -3°
Austin
Clear
12° wxIcon
Hi: 10° Lo: 12°
Feels Like: 12°
Charles City
Broken Clouds
wxIcon
Hi: 15° Lo: 10°
Feels Like: -3°
Rochester
Overcast
wxIcon
Hi: 5° Lo: 6°
Feels Like: -7°
A bit of snow Thursday and Friday morning
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Historic Covered Bridge reopens

Image

School Cracks Down on Youth Vaping

Image

HUGE Toys for Tots Donation

Image

Ambulance Service Volunteers Needed

Image

Emerging Farmer Listening Session

Image

StormTeam3 Tour at Halverson Elementary ion Albert Lea

Image

Sean Weather 12/11

Image

1 killed in shooting in Mower County

Image

Stormteam 3 Tour

Image

Father Daughter dance in Rochester

Community Events