How To Live On A Budget

Building and sticking to a budget can be hard - especially in today's economy.

If you find yourself living paycheck to paycheck, or want to get a handle on where you could save some green, here are some simple steps to living on a budget.

  • What do you make? More specifically, how much money do you really have to spend in a month's time? As simple as it sounds, having a real number to look at puts your spending reality down in ink.
  • Start making a list. Do it on paper or tally it all up on PSECU's easy-to-use "How Much am I Spending?" calculator. Include everything you can think of, from home or rent payment to food and entertainment - the more details you capture, the better idea you have of what you can afford or save.
  • You need to make sure you include everything that you spend. If you're not sure how much you're spending, begin to keep track starting today. Save receipts or sign up for online banking where all of the money you spend is automatically tracked.
  • What are your results? Are you spending more than you make? Take a look at your expenses and see where you can make some changes. If you see that there aren't any items that can be reduced, perhaps it's time to think about consolidating debt. You could also access free and confidential financial counseling and education through BALANCE .
  • Do you have money left over? Super! You may want to consider putting your money in an account that yields a higher return, or start considering investing in your future.