Budget & Savings
Publish Date: 1/4/2021
Budgeting - a way to achieve financial freedom. Getting started can be the most difficult part and that’s why Colorado Credit Union is here to help by providing tips, guidelines and calculators to help you get a jumpstart your 2021 budget and saving goals.
Your budget is your blueprint for keeping cash flow positive, and for sticking to your saving goals. If you have a partner, it's essential to have one overall household budget.
Remember a budget is there to help you, and it’s not written in stone. Re-visit your budget frequently. If something isn’t working well, change it and try something different. Create a spreadsheet, or use an app, to list all your anticipated monthly expenses.
Budget Starting Points: Use the 50/30/20 rule. This means 50% of your after-tax income is for needs such as food, housing, and transportation, 30% for wants such as eating out and 20% to save. To begin
- Calculate how much you make after taxes each month.
- Determine how much money you have for each category.
- Create a list of your needs and wants with the amounts for each.
- Remember, you may need to adjust your wants category to fit the budget.
Lastly, remember that a budget isn’t about restrictions. It’s about freedom. Plan ahead and know where your money is going.
Need more help? This budget coach will guide you through making a budget.