Budget Bumblings

Budget Bumblings

I think we all know that tucking a little money away is a good idea, but if you haven’t written and followed a budget before, it can be tricky!

A better idea is to set guidelines for yourself by creating a budget. For instance, put 3-6 months worth of expenses in an emergency fund. The emergency fund will help if you ever need to keep paying bills when your cash flow has stopped.

If you have a job that is your primary source of cash, set aside some money until you can cover the expenses for that 3-6 month period. That way, if something were to happen to your job you have a little bit of breathing room. No panic mode necessary!

If your parents give you money to cover expenses it’s just as important to save. You will be prepared for any possible situations that may arise!

It is good to learn to save while you are young so you are already in the habit of budgeting money.

Once your emergency fund is established LEAVE IT ALONE!! Movies and Pizza with the crew is not an emergency, a trip to the beach is not an emergency and the best deal ever on the newest phone is not an emergency. Save for these purchases in addition to the emergency fund.

Need more information on saving or budgeting money? Call your nearest Central National Bank to locate your own personal Financial Wingman!

Wing Tip: Anxious to see how your monthly savings can add up? Check out http://www.youngmoney.com/savings-calculator/ for an easy savings calculator and watch your money grow!

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