Looking for an effective way to establish a budget?

10277755_10152758914789727_1432378290758667056_nBeginning on the first day of a new month, get a receipt for everything you purchase. Save and review receipts at the end of the month.

Categorize each expenditure (i.e. groceries, dining out, auto fuel, clothes, etc.) and then total up each category. You will clearly be able to see where your money is going!

According to MilitarySaves.org, 33% of Americans spend more than they earn. The first step to eliminating debt is to stop borrowing & make a budget.

If you have Microsoft Excel, you can use our budget spreadsheet to enter those expenditure categories, your income information from your LES, and your bills for debt (credit cards & loans). Before you know it you have built a report of your finances for that month and can adjust your spending to create a future budget.

Visit our Budgeting Page for a link to our budget spreadsheet and information on recommended spending ratios.

 

 

 

 

Banks Rack Up Big Overdraft Fees Each Year…Are you helping them?

chamber_savingsLast night’s NBC Nightly News reported that overdraft fees make up a staggering 60 percent of all bank fee revenue, amounting to $32 billion a year. The average consumer who paid overdraft fees paid $225 over the course of the year in 2011.


Take a look at the report filed by NBC’s Tom Costello: http://www.nbcnews.com/video/nightly-news/52173777/#52173777


Are you one of the average consumers providing banks part of this profit? If so, it may be time to review your budget or create on if you don’t have one already. The closer you track your personal finances, the less likely you will pay overdraft fees.

Need help? Set-up a personal financial budget appointment with us to build/or go over your budget. You can also download our spreadsheet and create your own budget.

Keep in mind that you can also attend one of our financial classes and educate yourself more on credit and personal finance. Our next Credit When Credit is Due Course is on August 1st at 9 AM. Call 385-4663 to register.

Take care of small financial issues early before they grow out of control and cost you more money and possibly your clearance or job!