Budget for a Solid Financial Future

Budgeting For A Solid Financial Future

Sticking to a budget gives you power to control spending. It also helps you decide

how to spend your money and put away savings for your future like big purchases,

trips and retirement. It’s the first step in moving away from a paycheck-to-paycheck

lifestyle and toward a better financial state.

Plan For Success

Outline your goals for your budget. How much do you want to put aside every

month? How can you better live within your means? What steps are you taking to

save for retirement?

Set Up Your Monthly Budget

You can use a notepad or an excel sheet. It doesn’t matter, as long as you use the

system that works for you. Make a list of all of your OUTGOING expenses each

month. You may want to keep all receipts for a month to make sure you are

effectively tracking everything. Then subtract these expenses from your INCOMING

monthly funds. ITEMIZE your list from top to bottom by necessity with the bills that

take priority at the top like your mortgage, car payments and utilities.

Don’t forget to keep track of things like gas, groceries and household supplies.

These can really add up if you aren’t paying attention to how much you are



When you subtract outgoing expenses from incoming funds, is there money left

over? If not, you are living outside of your means and you need to take make some

big adjustments. Ideally, expenses should not exceed 80% of your income.

Trim Your Budget Expenses

Each budget is different but there are some easy ways to make more room in your

budget. Here are a few favorites:

  • Eat out less
  • Brown bag work lunches
  • Use coupons
  • Avoid impulse buying
  • Use the envelope cash method when you shop
  • Plan meals and make grocery lists
  • Carpool or bike when you can
  • Bundle services when you can for additional savings
  • Buy pre-owned with the lowest interest rate
  • Save for large purchases instead of financing
  • Cut back on vices (they add up!)
  • Try frugal entertainment options like game nights and potlucks
  • Consolidate credit card debt to one low interest card
  • Cut out unnecessary subscriptions and services

With planning and a savings strategy, you can create a budget that works for you

and your family!


Brought to you by your financial partners at Communication Federal Credit Union conveniently located at 11894 South Memorial Drive in Bixby, Oklahoma.
About Communication Federal Credit Union
Communication Federal Credit was founded in 1939 and has more than 65,000 members and nearly a billion dollars in assets. The credit union has grown to include 20 branch locations, serving the employees of such outstanding companies as AT&T, ONEOK, ONE Gas, OG&E, Chaparral Energy and more than 250 other groups. It is among the strongest financial institutions in the nation, having received the prestigious five-star rating from Bauer Financial Reports, Inc. for 23 consecutive years. Learn more or apply online at COMFEDCU.ORG


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