Budgeting & Saving
Explore the fundamentals of budgeting and saving with our easy guide. Learn key strategies to help you confidently manage your finances and achieve your financial goals.
Setting Financial Goals
Automatic Savings
Small Savings
50/30/20 Rule
Tracking Spending
Emergency Funds
50/30/20 Rule
This popular budgeting rule is simple:
50% of your income goes to needs (rent, groceries, bills).
30% goes to wants (dining out, entertainment).
20% goes to savings and paying off debt. It’s a great way to make sure you're spending wisely.
Actionable Resource: Use budgeting tools like YNAB (You Need A Budget) or Mint to create a budget that follows the 50/30/20 rule. These apps help categorize your spending into needs, wants, and savings, making budgeting easier.
Tracking Spending
Keep track of where your money goes each month. This will help you see where you can cut back and put more towards your financial goals. There are many apps available that can help with this!
Actionable Resource: Download PocketGuard or Spendee, which automatically track your expenses and provide insights into your spending habits. You can also manually input transactions if you prefer to stay on top of things.
Link: PocketGuard | Spendee
Emergency
Funds
Life is unpredictable, so it's important to have money set aside for emergencies. Aim to save 3-6 months’ worth of living expenses in case of job loss or unexpected expenses.
Actionable Resource: Use savings-focused platforms like CIT Bank or Marcus by Goldman Sachs to open a high-yield savings account for your emergency fund. These accounts offer higher interest rates, helping your savings grow faster.
Link: CIT Bank | Marcus by Goldman Sachs
Setting Financial Goals
IStart by deciding what you want to achieve with your money. Whether it’s saving for a vacation, buying a car, or building an emergency fund, having clear goals gives you something to work toward.
Actionable Resource: Use a financial goal-setting worksheet like the one from Smart About Money. This tool helps you outline your short-, medium-, and long-term financial goals and track your progress.
Link: Smart About Money: Goal Setting Worksheet
Automatic Savings
Make saving money easy by setting up automatic transfers from your checking account to your savings. This way, you’ll be saving regularly without even thinking about it.
Small Savings
Even small amounts add up over time! Try cutting back on little expenses like coffee or takeout and put that money into your savings account instead. It’s all about progress, not perfection.