Budgeting

Keeping a budget is the secret to staying financially afloat. Developing a spending plan -- and sticking to that plan -- will improve your financial condition, no matter your situation. Here are some budgeting basics to get you started:

• Purposefully spend all of your monthly household income on paper before the month begins.
• Create a new budget every month. Some aspects of your budget will remain the same each month, but there will also be month-to-month differences. A big part of gaining control of your spending is knowing and preparing for these differences.
• Use a Zero Balanced Budget approach. This means there will be no "slush fund" or surplus at the end of the month. We all know what happens to leftover money -- it gets spent.
• Find the right budgeting method for you. Whether you use Excel forms, Money Desktop, Mint or old-fashioned pencil and paper, there is no wrong way to keep track of your spending. Use the tool that works best for you.
• Establish an accountability person. If you are married, it should be your spouse. If you are single, find someone you can trust who can give you honest feedback, even if it is hard to hear.

Set up an appointment to help you get started on a budget plan today! Click below for our contact details, or email us at credit_union@gallupfcu.com.