By: Black Hills Federal Credit Union

Having a budget is as simple as understanding your income and expenses on a monthly basis. All budgets are different, they can include a family staycation after being quarantined, saving for the kids’ back-to-school needs, or simply trying to make life situations easier.  Whatever the goal, budgeting within your current circumstances will have you coming out ahead. Here are some tips to help you become your best at budgeting, regardless of what life throws at you.

1. Choose a plan. Find a plan that best fits you and your family’s needs. It could be as modest as a notepad and paper or an online budgeting tool such as Money Management.

2. Be realistic. Start tracking your monthly spending and make a list of all your reoccurring expenses. Then, consider any expenses you can eliminate to reduce unnecessary spending. If your income varies each pay period be sure to take that into account.

3. Always save. No amount is too small. Always include a “save” section as part of your budget. An unexpected vehicle emergency or a last-minute need at home, whatever arises, you are sure to be prepared.

4. Adjust the plan, never the goal. Life happens, expenses and income change. Adjust your budgeting plan to fit any of life’s curve balls, and always keep your goal in mind.

5. Hold yourself accountable. Figure out the best way to stay on track and keep yourself in check. Whether you set up automatic bill pay, get groceries and fuel with cash, or automate $25 to your savings account each month, discover what works best for you to stay on course.

Budgeting is a simple, yet effective way to get ahead of life’s changes. Each month schedule a household meeting to go over the previous month’s budget and see if any changes need to be made to the plan. Understanding your income and expenses is one of the best steps you can take to becoming financially successful.