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Cash Management & Budgeting

PENNY WISE:

It is not how much money you make, but how much you spend that could determine your future financial success. Consumer spending remains the driving force that propels the US economy and with the broad array of products and services available in the market, it is sometimes difficult to resist the temptation of spending money. An educated consumer is one that knows how and when to spend their money.

Managing money through budgeting is a proven method of becoming a prudent consumer. There are a whole lot of techniques out there that could be utilized to make the best of your money; they range from the mundane to the sophisticated – it all boils down to common sense. Our FINANCIAL CALCULATORS can assist you in that endeavor.
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Here are a few basic techniques for living within your means:

BUDGETING TIPS:

  • Draw up a budget, stick to it, be prepared to make adjustments in your
    lifestyle or spending habits and pay yourself first by saving regularly.

  • Save through payroll deduction and take advantage of any employer-sponsored savings plan – deferred compensation, retirement accounts, commuter savings program etc. Use a piggy bank to keep your loose change.

  • Keep an emergency fund and save any bonus income you earn. Consider whether it is worthwhile to have one or two incomes, if you have childcare expenses.

  • Protect your vital assets adequately; home, cars, personal belongings,
    business, life health etc. – “a stitch in time saves nine”. Carry only one health insurance plan for your family and save on premium payments.

  • Car pool when and if possible and use public transportation.

  • Learn to do basic repairs or fix simple things in your home, such as decorating, painting, changing light bulbs, etc. the savings would amaze you – check out major home improvement outlets for class schedules.

  • Keep your home temperature at an optimal level and lower when you are
    away from home or at night. Keep lights off when you are not in a room, buy long-lasting energy saving bulbs and appliances – don’t be “fuelish”.

  • Conserve and re-circle every material that you can. Use glass instead
    of paper cups.

  • Pack your own lunch as often as possible and cut down on meals away from home. Always take advantage of coupons, clearance sale and bonus offerings and buy in bulk if discounts are offered. Minimize on snacks or "junk food”.

  • To stay healthy, develop good health habits and consider the cost of addictions. Learn to take temperature, pulse and respiration. Learn about symptoms of common diseases to determine whether to see a doctor or not.

  • Learn to gift sensibly - give of your time and assets or merchandise when
    possible instead of always giving cash.

  • Set reasonable amounts for children's allowances and encourage them to
    save – let prudence be a family habit early enough.

    Budgeting 101: A tool to start your budgeting process.
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    Current rates below are updated frequently and brought to you courtesy of Bankrate.com.


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