Even if you don’t keep track of every single expense every month, calculating a monthly budget can give you a good overview of your regular income and expenses, as well as a general idea of how you should allocate your money each pay period.
Do you know how much you spend on unnecessary items every month?
If you… |
…then you… |
That money could pay for… |
|---|---|---|
…overdraft your debit card/checking account twice per month… |
…will spend $720 per year on fees. |
…6 years of a streaming subscription fee,
|
…spend $100 from every bi-weekly paycheck on new clothes and manicures… |
…will spend $2,600 by the end of the year. |
…college tuition,
|
…buy a $5 latte from the coffee shop every weekday… |
…will spend $1,300 by the end of the year. |
…a high-quality laptop,
|
This is why it’s important to decide what expenses are a priority to you and create a budget so you can spend responsibly when your paycheck arrives.
When making a budget, you should include:
No budget is exactly the same. Your best friend’s budget, your parents’ budget, and yours will all have different income, expenses, and necessities based on how much money you make, where you live, your subscriptions, your vehicle, your commute, if you have kids/pets or not, etc. Because of this, while you can use other budgets as a guide in creating your own, yours will ultimately be unique.
There’s no question about it: we’re different but in the best way. We make you and your financial well-being our priority.
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Houghton, MI 49931
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Fax: 906.482.2451
Email: info@breakwaterfcu.org
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