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Friday 5 - budgeting tips

7/8/2022

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We asked our money coaches what their top tips were for creating a budget. Read on to find out what they are!​
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1. Create 6 to 12 categories of expenses and track for 2 to 3 months
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These can be categories such as food, housing, recreation, entertainment, travel, and vacation. You can also include non-expense categories such as retirement savings (ex. IRA contributions) or long-term savings plans (ex. saving up to buy a car, pay for college, take a vacation). Most people are surprised at what they find out about where the money goes. This takes discipline, makes you think before spending, and helps you to build a more accurate budget

2. Figure out which spending categories are flexible and which are not flexible.
Your mortgage is not flexible, but eating out can be. Make two lists: one of essential expenses (like groceries, housing, transportation, health care, and taxes) and one for non-essential expenses (ex. eating out, entertainment). Then you can see how much wiggle room you have.
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3. Always go over your bank statement and credit card bill carefully at least monthly. ​
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Look for things you are being charged for that you didn't want or order (by mistake or fraud). Also review your insurance (car and home), cell phone plans, and credit card interest rates and assess.
4. Use cash flow to assist with payment requirements.
If your paychecks come twice a month, determine which bills are due during the first paycheck and which with the second.
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5. ​Be realistic!
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​Setting budget expectations that are too strict to follow and don't allow for any spending money are a sure way to fail.
If you would like to meet with one of our money coaches to get started on creating a budget that's right for you, call us at (603) 924-6800 or email info@rivercenternh.org. This service is free and available to you regardless of your income level! Money coaches can meet with you in person, over Zoom or even by phone, if need be.
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  • Home
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    • Money Coaching
  • About
    • Who We Are
    • Staff and Board
    • Blog
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    • FACT Book
    • On-Site Agencies
    • Wood Bank
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