Building a Budget

Your budget is an essential tool in maintaining and improving your financial wellness.

Understand Your Spending with a Budget

Managing your finances effectively is crucial for achieving financial stability and your budget serves as a roadmap that will help guide your spending decisions. Building a budget will help you gain clarity and control, set financial goals, reduce financial related stress and anxiety, and achieve financial stability.

Use this Budget Worksheet and the important steps below to help you start or improve your own budget.

Essential Steps to Building a Budget

Popular Budget Methods

50/30/20 Budget +

This budget plan requires you to allocate 50% of your net income to essential expenses like housing, transportation, utilities etc. 30% to your discretionary spending like entertainment, dining out, and travel. And the last 20% will go toward your savings, emergency fund, and retirement.

Zero-Based Budgeting +

This budgeting method requires you to assign every single dollar of your income to a specific expense, leaving you with a balance of $0 at the end of each month or year. This method requires you to anticipate all your upcoming expenses so that you can allot your income to the appropriate expenses.

Pay Yourself First +

In the “Pay Yourself First” method, the first “bill” you pay every month is to your savings account (or yourself.) Transfer a pre-determined amount into savings at the beginning of the month. After you pay yourself, you should pay your bills and other essential expenses, then use the rest however you please.

Expand Your Budgeting Knowledge Even Further

How to Stick to a Budget

Budgeting is an ongoing step along your financial wellness journey. Here's some tips on how to stick to your budget.

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Millennial Budgeting

Learn key wealth building strategies that enable Millennials to attain more financial stability and long-term wealth.

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Budgeting Tips for Beginners

Learn the basics of budgeting, managing your account, and get some great advice for improving your financial standing.

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Your Budget is an Ongoing Process

Remember, a budget is not a rigid set of rules; it's a dynamic tool that should adapt to your changing needs and circumstances. Regularly review and adjust your budget to ensure it remains aligned with your financial goals and lifestyle. And be sure to check back here frequently for updated information, new tips, and the latest advice from our experts.

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Understand Your Spending with a Budget

Essential Steps to Building a Budget