Savings & Budget 101 - the Next Steps

Saving & Budgeting

If you think your personal finances are in need of an overhaul, you aren't alone. According to the US Census, the average American household is falling short of their savings goals. I, along with First National Bank  hope to give you some basic tools to help you establish and achieve your personal financial goals. If you have any questions or concerns about saving and budgeting contact Nick Zwiebel with First National Bank and let him know I sent you. Follow me for the next six Mondays for some great tips, tricks and ideas to keep your savings and budgeting on track.

Last Monday, we discussed what Compounding Interest and its benefits. Well this week, according to First National Bank, you will just need to follow the next steps and you should be on your way to a balanced budget.

Next Steps

Taking action: Making a plan is the
most important part of balancing
your personal budget.

·         1. write it all down

·         2. cut back on 'wants'

·         3. set savings goals

·         4. find quick savings wins

·         5. pay down debt

·         6. make interest work for you

Savings & Budgeting 101 - Emergency Savings

Saving & Budgeting

If you think your personal finances are in need of an overhaul, you aren't alone. According to the US Census, the average American household is falling short of their savings goals. I, along with First National Bank  hope to give you some basic tools to help you establish and achieve your personal financial goals. If you have any questions or concerns about saving and budgeting contact Nick Zwiebel with First National Bank and let him know I sent you. Follow me for the next six Mondays for some great tips, tricks and ideas to keep your savings and budgeting on track.

Last Monday, we discussed Long Term vs Short Term savings and what exactly they mean along as why they are so important. – Well according to First National Bank, an Emergency Savings should be based on your monthly net household income. Below is a great example of what you should set aside for an emergency.  

Emergency Savings

Based on your monthly net household income
of $3,000, you should have approximately $9,000 - $18,000
set aside for an emergency (3-6 months of living expenses).

          Why? You may be asking why so much, well an emergency savings is just that, in case of an emergency this is money you will live off of in case you are unable to work, if you lost your job, it may take 3-6 months to find a job. If you are disabled, most policies will not start providing you income for at least 90 days.

Savings & Budgeting 101 - Long Term vs Short Term Savings

Saving & Budgeting

If you think your personal finances are in need of an overhaul, you aren't alone. According to the US Census, the average American household is falling short of their savings goals. I, along with First National Bank  hope to give you some basic tools to help you establish and achieve your personal financial goals. If you have any questions or concerns about saving and budgeting contact Nick Zwiebel with First National Bank and let him know I sent you. Follow me for the next six Mondays for some great tips, tricks and ideas to keep your savings and budgeting on track.

Last Monday, we discussed The Five Element of Savings – Today we will discuss Long Term vs Short Terms Savings, if you remember in the Five Elements of Savings, you want to figure out your accounts. This will be a little a better understanding of what a “Short Term Savings” account can be.

Long Term Savings

Also known as your emergency savings, these funds should cover the 'what ifs' in life.

·         disability

·         medical expense

·         unemployment

·         house or auto repairs

·         insurance deductibles

Short Term Savings

Good news — you get to spend this money and within the next year!

·         home remodel

·         new auto purchase

·         large household purchase

·         vacation

·         holiday shopping

·         weddings

Saving & Budgeting 101 - Five Ways to Save Smart

Saving & Budgeting

If you think your personal finances are in need of an overhaul, you aren't alone. According to the US Census, the average American household is falling short of their savings goals. I, along with First National Bank  hope to give you some basic tools to help you establish and achieve your personal financial goals. If you have any questions or concerns about saving and budgeting contact Nick Zwiebel with First National Bank and let him know I sent you. Follow me for the next six Mondays for some great tips, tricks and ideas to keep your savings and budgeting on track.

Last Monday, we discussed The Six Element of Savings – Today we will share the Five ways to Save Smart. According to First National Bank, these 5 ways can help you get back on track for savings and budgeting.  It is important to remember to be strategic in your savings to maximize results.

1. set a realistic goal

2. pay yourself first

3. start now

4. start small

5. use separate accounts…why?

Use accounts like buckets for different expenses and goals. An average household should have a minimum of seven accounts: Household, Husband, Wife, Medical Savings, Short Term Savings, Emergency Savings and Child(ren) Savings

Saving and Budgeting

Saving & Budgeting

If you think your personal finances are in need of an overhaul, you aren't alone. According to the US Census, the average American household is falling short of their savings goals. I hope to give you some basic tools to help you establish and achieve your personal financial goals. If you have any questions or concerns about saving and budgeting contact Nick Zwiebel with First National Bank and let him know I sent you. Follow me for the next six Mondays for some great tips, tricks and ideas to keep your savings and budgeting on track.

According to First National Bank there are Six Elements of Savings.These thoughts/ideas are not something that will cause any extra hard work on your part, but maybe able to help you get that savings account back up and budgeting on track.

1. shop with a list

2. coupon, coupon, coupon

3. pack your lunch

4. buy reliable, not cheap

5. use daily deal sites

6. buy in bulk...sometimes

  Why… buying in bulk can be a money saver or a money pit. Before you supersize your spaghetti sauce, check the price per unit or ounce to determine if it’s really a good deal. price per unit or ounce to determine if it's a good deal. It may also not be ideal for small