Successful money management starts with a budget
Managing your money effectively is easier if you begin with careful planning. Without a plan and a clear understanding of how your income is spent, it’s easy for spending to get out of control. A great way to improve your financial stability is to set up a budget.
What is a budget?
Simply put, a budget is a spending plan that lets you determine in advance whether you will have enough money to do the things you need or want to do. When setting up your budget, you will need to know your income and all of your expenses to accurately assess your spending habits. A budget balances your expenses with your income. If they don't balance and you spend more than you make, you’ll have a debt problem.
Benefits of having a budget
Budgeting helps you control your spending, track your expenses and save money. It can also help you make sound financial decisions, prepare for emergencies, get out of debt and focus on long-term financial goals. If you don't have enough money to do the things you would like to do, then budgeting can help you prioritize spending and focus on the things that are most important to you. Put simply, living on a budget is key to sound financial management.
How to start building a budget
Whether you prefer to develop a budget with pencil and paper or use an online financial tool, the key is to get started and then consistently stick to your plan. There are many online guides to help you set up a budget and track expenses.
At Banner, our Personal Financial Management (PFM) tool is a free digital service that is fully integrated into our online and mobile banking applications. Clients can easily add accounts from other financial institutions to their secure Banner Online & Mobile Banking service and see all of their accounts in one place.
If you have questions or want more information about budgeting, Personal Financial Management or other financial assistance, speak with one of our knowledgeable bankers or call us at 800-272-9933. You can also learn more about Banner’s Personal Financial Management tool.