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Seven Steps to a Successful Budget

The new year is here and you want to set goals for 2019! Budgeting can be a simple and straightforward process.  Here are seven steps to help you create a successful budget.

  • Discuss Values – Determine what is most important to the people involved in your budget, or spending plan.
  • Set Goals – Begin setting goals by discussing with family members what each one may want to do with their money. An example of a goal might be to save for a child’s education.
  • Determine Income – Figure out your net pay, or the money that is left over after deductions.
  • Determine Expenses – What are the expenses in your budget?  Consider fixed, variable and periodic expenses.
  • Create a Plan – Design a spending plan so that your income will allow you and your family to have what you want and need.
  • Keep Track of Expenses – Keep a record of expenses to see where your money is being spent.
  • Evaluate Your Plan – Periodically evaluate your spending plan.  Is the plan still helping you meet your needs and achieve your goals?

Remember that budgeting is the cornerstone of your family’s financial plan and a guide to help you achieve your goals.

As a member of Anderson Federal Credit Union, you can take advantage of the GreenPath financial wellness program, a free financial education and counseling program. To use this service, simply call 1-877-337-3399 or visit them on the web at www.greenpathREF.com