Take control of your finances
You can start to take power over your financial situation by creating a budget of your monthly finances.
A budget will provide a valuable picture of your situation — what your family is earning, what you’re spending each month, and how much is left over. This not only helps ensure that you are meeting your monthly commitments, but it also can lay the foundation for short- and long-term savings.
Track Your Spending
Before you figure out how to budget for the future, let’s figure out how you spend.
It’s a good idea to have a plan when it comes to spending. The 50/20/30 rule is one easy way to think about your spending: It divides your spending into three main categories — fixed costs (50%), financial goals (20%), and flexible spending (30%).