Budgeting and Recordkeeping

Budgeting is a powerful financial management tool. A good budget should include:

Developing a Spending Plan

With a spending plan, you determine how you want to use every dollar of your income. A spending plan can help you:

Set goals.
Stay on track with your goals. Whatever your goal - save more, pay off debt or make a major purchase - your spending plan is the map to you help you reach it.
Choose to spend money on the things that matter to you. With a spending plan, you assign priorities and budget money accordingly.
Avoid over spending on things that don't really matter to you.
Live within your means.

Here's how to get started:

Determine income.
Next, track your spending for a month (include bills you pay, and money you spend other than bills).
Then categorize your spending. Categories may include savings, housing, utilities, transportation, clothing, entertainment, food - any categories that emerge when you examine your spending.
Calculate what you're currently spending in each category as a percentage of your income.
Then determine what you want your priorities to be, and how much of your income you want to direct to each priority.
Use this as a guide to adjust your spending.

Use our Budgeting Worksheet to help you track your spending plan.

Basic financial recordkeeping should include:

A spending log that helps you keep track of the money you spend day-to-day, including cash, debit card usage and checks
A record of all bills paid, including the payee, date, amount and method of payment. Online Bill Pay provides a consolidated record of your payments. Learn more about Online Bill Pay
Income records, such as paycheck stubs
Tax records, including W-2s, 1099s and deductible items such as charitable contributions
Insurance records, including car, home, health and life insurance
Bank account statements, either on paper or online
Savings & investment account statements, including statements and transaction confirmations

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