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Get a Grip With Budgeting Tips From Your NC Community Credit Union

Budgeting is essential to taking control over your daily finances. Putting a system in place that works for you and/or your family is the first step in Doing More with Your Money. Here are some tips and methods to get you started in budgeting for a better financial future.

What’s Your Spending Plan?

Start with what you have. What is your income currently like? Make sure to calculate what  your income is once taxes are taken out.

Calculate Your Spending

Reflect. Take a month to reflect on your spending habits. What do you spend on rent, food, transportation, utilities, and insurance? Compare it to your income and ask the question:  Are you spending more than what you are earning? Or Are you earning more than what you are spending?

Are You Spending More Than You Are Earning?

If you find that you are spending more than you are earning you may want to think about creating a budgeting system that works best for your financial situation.


For example: If your monthly paycheck after taxes is $1,230 — 50% or $615 would go to living expenses, 30% or $369 would be for entertainment/spending fund, and 20% or $246 would be for debt repayment. This would be your budgeting strategy to help keep your earnings and spending in order. If you are planning to try out this method, make sure to keep in mind, it is always a good idea to implement an emergency savings plan for a rainy day.Increasing your financial earnings and reducing your spending are some other ways you can also combat overspending.

Are You Earning More Than You Are Spending?

If you are earning more than you are spending, you are in a great position to take advantage of ways you can “Do More With Your Money.”

Save Money

The word ‘SAVE’ is extremely important to those who fall in this category. Saving can never start to early. Making contributions to your 401K or Roth IRA’s are good ways to sit back and let your money make money for you.   

Pay Down Debt

Make sure you are paying down and keeping track of all credit card balances and any loans repayments.


Just like saving, you can never start too early when it comes to investing your money. Make sure to be cautious of risky investments and seek professional help when not to sure about an investment move.