Create a Budget
Today, with so many financial obligations and tons of financial options and services, we know that money management may seem difficult and confusing at times. There’s a way to make life’s financial challenges less complicated by creating a budget.
Begin by keeping track of all of your monthly expenses, including everything from monthly bills to a movie and dinner. Get in the habit of saving your receipts and keeping a record of each day’s expenses.
Whether it’s on your computer or on paper, you will need to make a list of all money going out and coming in. Separate all of your expenses into categories. For example, one category could be fixed monthly expenses (all the bills or commitments you have to pay each month). Don’t forget other living expenses like groceries, gas and car maintenance, doctor appointments, and other necessities. Create another category for recreation or entertainment expenses.
Subtract your fixed monthly expenses from your monthly take-home pay and any other money coming in to determine your disposable income. The next step is your opportunity to make decisions that can help further improve your financial health. Disposable income can be put into savings for emergencies or used to pay down debts more quickly.
Make a plan and stick to it. There are a number of convenient payment services at VyStar to help you with your monthly commitments. You can make most payments online via our Bill Pay service; set up Automatic Funds Transfer Service (AFTS) for your VyStar loans; or use our other free bill-paying services like Easy Pay and Pay-My-Bill for your credit cards.
Create a monthly timeline of all your fixed expenses. Check them off as you pay them throughout the month. A well-designed, realistic spending plan is the most important step to take in your journey to reach your financial goals.
Set up or review your budget with BALANCE counselors
If you're not completely comfortable with your spending plan, or would like some guidance with this or other financial issues, consider a free and confidential money management counseling session with a BALANCE counselor.
VyStar Money Makeover
We offer our entire membership the opportunity to have a Money Makeover financial coach to assist you in understanding your current financial situation. There is no cost to you for this service. The coach will help you track your spending, assist you in making those tough financial decisions, work with you to develop a budget that is customized for you and assist you in developing a financial plan for the future.
To get you started the Spending Pie Chart below will show you average percentages of where your spending should be. You can list your current spending to see how you compare to these percentages. With this valuable information, you can create your own Spending Pie Chart and create a financial plan that will give you the opportunity to pay off existing debt and begin saving money for the future.
