Getting Your Budget Back on Track

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Posted on August 27th, 2013 in General by SSBblogger | No Comments

As summer comes to a close soon, it may be time to get your personal or family budget back on track. Summer and all of its events, vacations and other entertainment options can be fun, but they can also put your budget out of whack. That, or you may have slacked a little when it came to setting your budget.

After summer, it may be necessary to rebuild your budget to get back on track.

Either way, Security State Bank is here to help you right your financial ship and help you get settled for the fall.

Start with income- very basic, but knowing all the money coming in every month is the first stepping stone to getting back to your budget.

Subtract known expenses- these include monthly mortgage payments, student loans, insurance payments and other recurring payments. You can also budget in what you think you’ll spend on groceries, gas and other weekly expenses.

Build in a buffer- we all know life is unpredictable, and unexpected expenses pop up every so often, so be prepared. If you don’t end up using that money, then you have…

Excess funds- Income – Expenses = Extra Cash. This should be distributed to your savings account, savings goals, etc. If you have no excess funds or a deficit, you need to readjust your expenses and find ways to spend less.

Review weekly- did you come in under budget or over? Did you spend less in one area, but more in another? Reviewing every week allows you to understand your spending habits and create better ones.

We all get off track and off budget at times because of unexpected costs or events. By thinking basic and getting back to your budget, you’ll be able to keep your finances under control. If you need help with this or any other aspect of your banking experience, you can contact any Security State Bank branch and we’ll gladly help!


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