Financial How-To | VyStar Credit Union

Creating a budget is an essential part of managing finances. The Financial How-To section will provide assistance for budgeting as well as introduce you to our Money Makeover program, which is free for anyone to participate.

Today, with so many financial obligations and tons of financial options and services, we know that money management may seem difficult and confusing at times. There’s a way to make life’s financial challenges less complicated by creating a budget.

Begin by keeping track of all of your monthly expenses, including everything from monthly bills to a movie and dinner. Get in the habit of saving your receipts and keeping a record of each day’s expenses.
Whether it’s on your computer or on paper, you will need to make a list of all money going out and coming in. Separate all of your expenses into categories. For example, one category could be fixed monthly expenses (all the bills or commitments you have to pay each month). Don’t forget other living expenses like groceries, gas and car maintenance, doctor appointments, and other necessities. Create another category for recreation or entertainment expenses.
Subtract your fixed monthly expenses from your monthly take-home pay and any other money coming in to determine your disposable income. The next step is your opportunity to make decisions that can help further improve your financial health. Disposable income can be put into savings for emergencies or used to pay down debts more quickly.
Make a plan and stick to it. There are a number of convenient payment services at VyStar to help you with your monthly commitments. You can make most payments online via our Internet Banking Bill Pay service; set up Automatic Funds Transfer Service (AFTS) for your VyStar loans; or use our other free bill paying services like Easy Pay and Pay-My-Bill for your credit cards.
Create a monthly timeline of all your fixed expenses. Check them off as you pay them throughout the month. A well-designed, realistic spending plan is the most important step to take in your journey to reach your financial goals.

Set up or review your budget with BALANCE counselors

If you're not completely comfortable with your spending plan, or would like some guidance with this or other financial issues, consider a free and confidential money management counseling session with a BALANCE counselor.