Budgeting Made Easy

Budgeting Made Easy

Make better decisions, manage risk, and plan for the future. 

What is budgeting and why is it important?

A budget helps you stay on top of your bills and make sure they are being paid on time, avoiding any costly late charges of finance fees. If you have debit, it can also help you allocate funds more strategically, paying off debts faster, and regaining control of your financial life.

Budgeting can help you save more consistently for your golden years, whether that be allocating more to an employer sponsored 401k, brokerage account, or opening an CD or IRA.

Any successful budget has three main pillars to consider:

Income: The Lifeblood of Your Budget

Total all the money you expect to receive during the month. This includes your regular paychecks, side hustles, and any additional income streams. If you’re retired it’s your social security payments, or other retirement disbursements. 

Note: It is important to look at income in terms of your net income, or what you take home after taxes and deductions. 

Expenses: Everything You Spend

Grab your bank statements or log in to your online banking account or mobile app. List everything you’ll pay for this month. We’re talking rent, groceries, utilities, car insurance, Netflix—everything!

Note: Don’t forget about expenses you may pay annually or seasonally, like car maintenance, Amazon Prime, birthdays, holidays, or even charitable donations! You should divide those expenses by the 12 months in the year and add them to your monthly expenses. Use our Recurring Payments sheet to help you keep track. 

Savings: Getting Ahead and Making Progress

After you subtract your expenses from your income you're left with your discretionary income. This is all the money you have left to allocate to things like savings, retirement, future goals,or paying off debt. 

Note: If there is no money to allocate, or your expenses are greater than your income, it's time to evaluate where you can make changes. 

Remember, budgeting doesn't have to be scary. With the right tools and mentality, you can craft a budget that will help you get control of your finances, control risk, and plan for the future. 

Get started by downloading our resources below. And check out even more tips and tricks in the Budget section of the CUONE Insider. 

Budget Resources

Download these helpful tools to get you started.

Unleash your savings potential with a Certificate of Deposit.

No complicated strategy is required to push your savings to a higher level. All it takes is one deposit and a little patience. 

Open an IRA today and retire with confidence.

Plan your savings and grow tax free. No matter which IRA you choose, all annual interest and dividend earnings are tax-exempt.


Budgeting tools are for informational use only and not intended to provide legal financial advice or investment advice. For information on Credit Union ONE's financial investment services, please visit our investment services page.