Build a Basic Budget: The Five-Step Spending Plan

Member Education Seminar Explains the Basics of Building a Budget

Most American consumers waste 20% to 30% of their money because of poor spending habits and poor planning, experts estimate.

So when you think about your finances, begin with the end in mind.

When you go on a road trip, for example, you don’t just start driving. You decide on a destination, gather information to help figure out how to get there, have a contingency plan if you hit a roadblock, make adjustments as you go, and keep your eye on the final destination. That’s one of the major premises in Stephen Covey’s best-selling book, “First Things First.”

The same is true of your personal finances. If you withdraw cash but can’t recall where the money went, you probably don’t have a process for tracking your spending. And you probably don’t have a detailed plan for spending your hard-earned dollars to meet short- and long-term financial goals.

A useful budget—or “blueprint”—tells you where your money goes each month, instead of you asking where it went. The blueprint puts you in control, based on your needs, situation, and life cycle.

There are five easy steps to setting up your spending plan, and you’ll be successful as long as you set realistic financial goals, identify spending leaks, make informed choices, live within your means, expect the unexpected, stay motivated, and never lose sight of your ultimate financial goals.

SummitOne Credit Union wants you to be informed.

To learn more about drawing up your personal budget blueprint, join us for this FREE Budget Building Seminar. Reserve your space today. Refreshments will be served.

Seminar Objectives:

1. Understand steps to set up spending plan
2. Identify spending leaks
3. Track spending, find ways to save
4. Set short- and long-term financial goals
5. Audit progress, revise goals
6. Use financial tools to reach goals