Daily Bread: Creating a Budget and Savings Plan to Afford that Dream Trip

Making Good Financial Decisions in Retirement

Retirement marks the beginning of a new chapter in life, and with it, the need to rethink finances. For many, living on a fixed income makes effective budgeting and saving even more important.

May Johnson's Motivation to Join the Challenge

May Johnson shared that one of her reasons for participating in the VyStar Savings Challenge is to build up enough savings to travel to Jerusalem. Additionally, she views the challenge as an opportunity for growth and empowerment. May’s commitment to her church at Thomas Chapel, where she helps lead morning services, also adds significance to her decision to embrace financial discipline.

The Initial Steps: Laying a Financial Foundation

VyStar's Wade Bramlitt joins May in her journey and the first step involves taking a closer look at her financial situation. Starting with the basics, Wade focuses on creating a budget tailored to May’s needs and evaluating her monthly expenses. A key area of discussion is May’s spending on eating out. Highlighting that she spends over $300 monthly on dining, Wade identifies this as a potential area for significant savings.

Wade introduces her to VyStar’s "envelope challenge," in which May would place a predetermined amount of money into an envelope for dining expenses. Once that money is spent, she would stop dining out for the rest of the month. Any leftover funds could be redirected to her travel fund.

Budgeting for Goals: From Daily Bread to Journeying Abroad

May’s budget planning includes several key components that prioritize her values and goals. Wade advises her to allocate 10-15% of her income for tithing, reflecting her commitment to giving back to her church. The next major category is the daily essentials, or “daily bread fund,” which includes rent, utilities, medications and insurance. May spends $650 on these essentials.

From there, they review May's savings — a fundamental element of the VyStar Savings Challenge. Currently, May has $185 put aside, but her goal is to save at least $1,000 for emergencies. Wade emphasizes the importance of consistently contributing to her savings and minimizing unnecessary spending to reach this milestone.

Utilizing Financial Resources

To complement the personalized budgeting guidance, Wade introduces May to VyStar’s Financial Fitness tools available online. These include budgeting calculators and tools like “What’s Breaking My Budget?” This specific tool helps users track and analyze spending habits, like dining out or grabbing coffee, that may go unnoticed. By calculating the weekly, monthly and annual costs of dining out, Wade helps May see just how much money could be saved. For example, spending $150 weekly on non-essential items such as takeout could amount to $7,800 annually.

Creative Saving Tips

Beyond online tools, Wade suggests low-cost, community-focused alternatives to dining out, like potluck dinners. By gathering with friends and sharing homemade meals, she can enjoy meaningful connections without jeopardizing her budget.

Looking Ahead: A Journey Begins

As May puts these lessons into action, she’s optimistic about her future. With the tools and strategies offered by VyStar, she’s not only saving for her trip to Jerusalem but also learning habits that will sustain her financial independence long-term.

Whether you’re saving for a dream trip, paying off debt or simply trying to build an emergency fund, the VyStar Savings Challenge offers valuable insights.

Update:

See how Miss May Johnson has fared after participating in the VyStar Savings Challenge.