October 24th, 2017

Budget Tracking – Seriously

All too often we don’t take budget tracking seriously enough.  Many of us have become so used to having what we want instead of or in addition to what we need.  Stop and start tracking your spending now.  Right now.  Get a notebook and a pen, or use your phone and a mobile app like:  Mint’s iPhone app.  You can also use the program provided by Cornerstone Financial Credit Union’s FREE Internet Banking that provides a way to keep up with your budget. For the next 30 days keep track of everything, yes, everything you spend.  No excuses.  You don’t need to wait until the first of next month.  Do it now.

Sure, you’ll enter your monthly mortgage and auto insurance, but could you be saving via another insurance carrier?  Do you really need 5 television sets in your home? If you’re doing this exercise on your phone, do you really still need a land line?  What about that cup of coffee in your hand that you just bought down at the local coffee shop?  Do you really NEED cable TV?  How much do you spend for fuel each month for that SUV?  Fast food?  Brand name food and drug items instead of the store brand?

Once the 30 days has concluded, do a quick review and categorize wants vs. needs.  You’ll be surprised at what you see.  Now, for the next 30 days go cold turkey and cut out all of the unnecessary items that you don’t even think about when paying for them (coffee, fast food, etc.).  At the end of this 30 days move the money you saved into your savings account.  Multiply that times 12 to see how much that would be over the next year.  Wouldn’t it bee nice to have that extra cash?  It’s just a matter of swapping one habit for another.

Ready to start saving? Contact the experts at Cornerstone for a savings account at 615.385.6866 today.

 

Category: Getting Out of Debt

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