![]() ![]() For example, you can time your trips to the grocery store around when you have the most money available. Use your current spending habits as a template to determine how much to budget for groceries, clothing and personal hygiene, as well as entertainment.Īs you build your budget, look for ways to optimize your spending. Once you’ve built basic living expenses and savings into your budget, it’s time to plan for everything else. Step 5: Make the most of your discretionary spending Auto Savings automates your savings, so you’ll never forget to save. That way you’ll save less in leaner months and more when you’re flush with cash and your budget feels more manageable.įinally, make saving as easy as possible. If your income fluctuates month to month, consider a percentage savings goal instead of a dollar goal. If most of your bills are due early in the month, for instance, it may be easier to pick a day mid-month to move money into savings. Then, look at your calendar and decide the best day to pay yourself. Review your expenses and find a savings goal that works for you. Every penny truly counts: Not only will each dollar you stow grow over time, thanks to interest, you’ll also create positive financial habits that you can expand on as your income grows. Saving is important, even if you’re on a tight budget. Add up your essential spending and compare it to your income to determine how much is left over for discretionary spending. Mark the due dates for each of your expenses in your calendar. If debts are getting in the way of you meeting your goals, you can either call your creditors to try to lower your interest rates or consider debt consolidation. If money’s tight, you can look for opportunities to reduce spending. Debt repayments (student loans, credit cards, auto loans and other debts).When you start building out your monthly budget, you can start with essential spending that covers your basic living expenses. If you’re a Virtual Wallet customer, the built-in Virtual Wallet Calendar does this for you. Find one that works for you and start budgeting by recording your paydays and other instances of payments coming in. You’ll also need a digital or physical calendar to keep track of your cash flow each month. Then, you can set up alerts to help keep you informed about spending, so that you’re able to stick to your budget. ![]() This allows you to consolidate spending methods (debit card, credit card, bill payments, etc.) and create budgets for spending categories (education, groceries, entertainment) – all in one view. Virtual Wallet customers can use the Spending + Budgets tool in Online Banking or in the PNC Mobile app. You can create a series of digital or physical folders in which you can store your key financial documents. So, it's important to find an organization method that works for you. įollowing a budget means keeping track of your statements, financial documents and receipts. If you’re a PNC Virtual Wallet ® or Foundation Checking customer, you can access your statements and account activity within PNC Online Banking. How much of your budget is discretionary spending.How much you’re spending on debt repayment.How much you spend on basic living expenses, like rent, utilities, insurance premiums, car payments, groceries and out-of-pocket expenses.You can look back on 6 to 12 months of bank statements and write down: Step 1: Gather your bank statements and track your spendingĬreating a budget starts with knowing how you spend your money now. From tracking your spending to preparing for setbacks, here's how to build a budget that can help you meet your financial goals. It also helps you review and compare your financial options and creates positive financial habits that will help you as your income grows.Ĭreating a budget is also simpler than you think. Even if you keep close tabs on your money, creating a formal budget can still benefit your financial health.įor one, it removes the pressure of keeping track of your finances in your head, freeing up mental real estate to pursue your other goals. If money’s been a little tight, you probably already have a keen sense of when it’s coming in and when it’s going out.
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