Follow these tips to pay off your loans, bills, and debt—even, or especially—when you're on a tight budget

Debt may be a four-letter word, but it's also a part of most of our lives. In fact, did you know that 60% of college graduates have some sort of debt, equaling a total of $1.41 trillion in total outstanding 

? And that's just student loan debt. We're not including mortgage, auto, and credit card debt.

So, okay, most of us have some kind of debt. And it's okay! While it's typically fine to have some debt, you'll want to make a plan to pay it off, while considering your plan for the future—i.e., your retirement savings like your 401(k), 403(b), Roth, or Traditional IRA; and your rainy day fund for when life gives you unexpected emergencies.

Alright, first thing's first. Your first step is to determine how much money you have, what's coming in, what you owe, and how much you have left over to throw into savings (or entertainment). This data consolidation is called your net worth snapshot. And, once you have this in place, you'll be able to make more informed decisions.

Don't have a budget? No problem! Now's the best time to start one. Especially if you're dealing with some unforeseen expenses. Gallup found that only one in three people keep a detailed budget, so you're not alone. Just like everyone has their own favorite flavor of ice cream, everyone has their own version of a budget that works for them. For example, some people like to have a super detailed budget that tracks every penny; others prefer a budget that paints a bigger picture and tracks the main trends of their monthly cash flow. The main idea is to just find what works for you and stick to it. 

Set your spending, saving and debt payoff allocations.

Consider how much you should allocate to spending, saving and debt payoff. An industry rule of thumb is the 50/30/20. That means you're putting 50% of your income to your to needs (home, car, food), 30% to wants (Netflix—sorry!), and 20% to savings and debt payoff. If you're like many of us and want to strive for that little extra, swap the 30 and 20, and put 30% of your income to savings and debt payoff, and 20% to your wants. The choice is yours!

Considering if you should refinance your student loan or refinance your mortgage?

Depending on your situation, refinancing may be something to consider. Many people refinance their mortgages or student loans to lower their interest rate, consolidate debt, make lower monthly payments or shorten the mortgage or loan term—in other words, put extra money in their pockets! 

! 🤑 But, before you get too excited, know that are things to consider before refinancing your mortgage or student loan debt.

For one, just because you're lowering your monthly payment, doesn't mean you're paying less! In fact, you could pay more in interest, if you're extending your loan term. Another thing to keep in mind, as it relates to your student loans, is that you don't have to refinance the whole thing; you can refinance parts of your loan. 

 qualify for a student loan payment pause. Check in with the 

Ideally, you're saving for the future each month, even when paying off debt. Sometimes you may wonder, 

Do I pay off my student loans or save for my retirement?

 The answer is both! If you can swing it, try to pay toward your debt and your future. For example, if you find yourself with $500 of extra cash each month, make a plan to put some toward your debt and some toward your retirement and/or emergency cash fund.

Your emergency cash fund is set aside for unforeseen expenses that you'd otherwise put on your credit card, and therefore, only add to your debt. Financial professionals may advise you to have two-three months' worth of expenses saved up in this fund, to keep you on your feet in the event of an emergency.

As for putting money into your retirement fund, most financial professionals will suggest that you make a plan to pay down any high interest credit card debt before putting money into your retirement account. The idea here is that if you are paying an interest rate on your debt that is higher than an average year's stock markets gain, you'll win in the end by paying down an interest rate higher than the return.

Remember: the main goal is to pay down your debt and save for the future. Getting that debt out of the way will allow you to start saving for your future. (Trust us; you'll save WAY more if you start saving younger.)

Paying off debt isn't the simplest feat. But, we're here to help you navigate your way through it and find financial wellness.

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How to Pay Off Debt When Cash Is Tight

Tips to pay off your student debt and save some cash in the meantime 

How to Pay Off Student Loans

Let’s face it: finding ways to relieve student loan debt can be a huge weight on your shoulders.

Despite the stress it causes, student debt is incredibly common—especially now—among millennials. According to the College Affordability Act, more than 44 million borrowers owe $1.4+ trillion in student loan debt. Yep, you read that right: more than $1.4 

If you’re like most of us, your student loan debt accounts for a slice of that $1.4 trillion pie. Each month, your bank account sees a not-so-friendly reminder that your student loan debt is real, and if you’re like many Americans, it’s not going anywhere anytime soon!

Student debt is stressful, it’s common, and it shouldn’t take over your life! That’s what we’ve put together easy tips to tackle your student loan debt once and for all. With these tips, we’ll help you navigate paying off your student loan debt and continuing your journey to financial wellness.

Falling behind on any payments just means you will have to pay more out of pocket (and more interest) later. While it may feel like you’re gaining money or cash flow that one month you skip your payment, it’s going to really hurt you in the end. We recommend you stay on top of your billing periods and make sure you pay the correct amount each time. That way, you can avoid falling behind and paying for it later—literally!

Make extra student loan payments when you can

Do you have a little extra cash this month? Maybe from a bonus or a raise? Or, maybe you inherited some cash? Or, maybe your investments paid off? However you came across this extra cash, determine if you have enough to make another payment.

Consider using this extra money toward your student loans. This can be a quick and easy way to minimize the amount you owe each month and diminish your payment.

Not to mention, paying extra on your principal helps to reduce your interest rates. That means, in the end, you’ll wind up paying less money for borrowing the same amount! Remember, when you can prepay your loans or pay more than the minimum monthly payment without any penalty, this can often help you pay them off faster and save more money in the long run.

 Sometimes student loan servicers will add any extra payment to your bill for the following month instead of decreasing your principal. This advances your due date but won’t help you pay off your loans any faster. Make sure to tell your servicer to apply any overpayment cash to the principal loan amount.

If you have a high credit score, a stable job, a steady income, and have a history of on-time payments, 

Now, there are lots of pros and cons to this kind of decision, and we recommend you take time to consider your options and chat with a professional. For example, refinancing your loans may help merge all of your loans into one that has a lower interest rate. In this case, you may be paying a little more each month, but refinancing at a lower rate may help you pay off your loans faster 🎉.

But! Refinancing comes with its downsides.

You could also end up with a lower monthly payment, with a 

 term. This means that, while you’d pay less each month, you could have a 

 interest rate that would increase your total payment toward your student loans.

Refinancing is right for some, but not necessarily right for all. Take the time to review your finances and consider what refinancing your student loans would look like for you. 

If refinancing your loans aren’t your jam, enrolling in autopay can be another way to lower your interest rate. If you let your loan servicer deduct payments from your account automatically each month, many federal based student loans and some 

 will offer you an interest rate deduction. Although the deduction is small and may not save you as much as refinancing would, it’s still a little extra savings.

Sometimes the big monthly payment number can seem daunting. Some people prefer to take smaller bites when chewing on—or, well, repaying—a big loan. Making two payments each month could help you to manage your loan payment, while still paying the same amount each month. If you split your monthly payment in half and pay that amount every two weeks, the loan may seem a lot less scary and easier to manage.

There are plenty of options to pay off your student loans, just as there are different strokes for different folks! 

 by staying on an every-two-week track, you will make an extra payment each year. This will also help shorten the term of your loan.

Going to college can be one of the best times of your life, but remembering it through your student loan payments is a big 👎. These guidelines can help you to wrap your arms around your student loan debt, and finally relieve you of your loan and your stress—for good!

orsa, the credit union you knew as Community Financial Credit Union (CFCU)
Content before 2026 may contain references to our former name.

How to Pay Off Student Loans Blog Content

5 Easy Tips to Make Your Dream Job a Reality 

How to Make Your Side Hustle Your Main Hustle

Aunt Sally or Uncle Frank has probably told you, “Make your passion your career” a thousand times. Sure, it sounds great. But, can it be true? We’re here to say: YES! You 

 make your side passion project your main job.

LinkedIn found that nearly three quarters of employees (71%, to be exact) report having a side hustle for extra cash, and more than a third find success in pursuing a passion project

. This data tells us the time is ripe to consider making your day job your dream job.

Start working toward your side hustle reality with these simple steps:

1. Put in the hours and keep it consistent.

Dedicate a set amount of time each week to work toward your goal. Don’t pressure yourself; you can always start small. Every 20-minute session counts! What’s equally as important as putting in the time? Making sure you’re consistently putting in the same amount of effort each week. Even if this means editing your website while catching up on 

 reruns or drafting clever social media posts during your morning coffee.

As much as you may want to be a Jack- or Jill-of-all-trades, attempting to complete a million tasks or be great at everything will render your efforts useless. Instead, focus on a small handful of things—two, maybe three—you think you can nail, and work from there.

When considering embarking on a big life change, it’s super important to be sure you have your finances in order, and in the best case scenario, have a little extra cash in your back pocket. Staying on a 

 is always helpful, as is dipping your toe in the markets. In the meantime, find ways to build up extra cash. Maybe consider skipping on your daily iced vanilla latte and put it toward a graphic design software that will help your side hustle grow.

4. Meet other people just as passionate as you.

Many people who, like you, have amazing ideas turn to Facebook groups and blog posts to help improve their ideas or share successes throughout their journey. Interacting with like-minded people will help keep your creative juices flowing and your ideas maturing.

Your time is valuable, and you don’t want to spend it doing pointless activities. Do work that inspires you.


(1) Fast Company “Your 12-Month Guide to Building Your Side Hustle This Year” (2019)

How to Make Your Side Hustle Your Main Hustle Blog Content

Quick and easy tips to build positive investment habits

10 Investment Tips for 20-Somethings

Investing…isn’t that the thing your parents do? With stocks and bonds and whatever-else-they’re-called? Yes, you’ve almost got it! Now it’s your turn! It’s easy to start your investment journey

We’ve rounded up 10 investing tips to help you navigate these new waters. Time to put on your grown-up pants!

. Besides generating more cash (duh!), how will you use your investment cash? How will this money benefit you financially, both in the near-term future and longer down the road?

Sometimes it’s a long game. Depending on how much time you give your investments to grow will typically impact their return, as well as which types of investments you make.

Stocks? Bonds? Short-term investments? Oh my! These are your asset allocations. Sure, the name might sound fancy, but it’s really just how you divvy up your investment holdings. Some of the traditional options for investing as a 20-something are 

 usually have higher returns that can help you meet your goals when evaluated over a long time horizon. Remember that the stock market is like a roller coaster at times—it has its ups and downs, but it has historically trended upward for most 10, 20 and 30 year time periods. Hang in there!

 are a way of getting a more steady return back on your investment by paying you interest over a certain period of time. Depending on the type of bond or bond fund, you can offset their risk and return—we’ll touch on risk in a minute.

 are usually only a small amount of your overall investment portfolio, and we think of these as pretty liquid (available for you to access) with lower risk than stocks and bonds.

A simple tip to remember: a little + a little + a little more = 

Any amount that you’re able to put toward your investments, no matter how big or how small, can help.

Treating yourself to margaritas on Taco Tuesday? Finally letting yourself splurge on the new kicks you’ve wanted (and deserve!)? Round up your receipt on these “pleasure purchases” and put the extra cash toward your investments.

Eek! We usually discourage getting into risky business, but this type of risk can be good—if done correctly. Different types of investments can have different amounts of associated risk; for example, stocks usually come with higher risk, short-term investments are typically lower-risk, and bonds can be in the middle and on either end of the risk spectrum.

Ah, diversification. Traditional financial professionals will tell you to invest your money in different types of holdings (some stocks, some bonds, some cash) for a traditional and "balanced" return. The ingredients (read: your different investments) that make up your recipe (read: your investment portfolio) are up to you. Just keep an eye on how much money you’re putting toward low versus high risk investments.

8. Ask your institution if they offer a digital trading platform .

Oh, how we love the golden age of technology! Are you scratching your head when trying to uncover which investments are right for you? A digital trading platform may be a fit for you.

9. Enroll in your employer’s retirement plan.

 at the current moment, and retirement feels like something far off in the distance, enrolling in a retirement plan is something you should consider. No 401(k) with your current employer? You still have options

Especially now, it’s incredibly important to have a 

 and know where the next dollar needs to go.

10 Investment Tips for 20 Somethings Blog Content

Easy finance steps to help you determine when to consider a refinance

Time to Consider Refinancing Your Mortgage?

So you’ve mastered your mortgage on your current home. (Congrats! 🎉) Now you’re wondering, “What's the deal with refinancing a mortgage? Is this something I need to be thinking about?”

When you refinance your mortgage, you’re taking out a new loan to pay off the current loan and replace it with a more attractive one. Why is this a good idea? Many refinance their mortgages to lower their interest rate, consolidate debt, shorten the mortgage term—in other words, put extra money in their pockets! 

If you’re thinking about refinancing, typically you would plan to live in your home long-term. To see how much you’d save, look at your monthly cash savings, the length of your loan, and the difference in the amount you’ll owe on your new mortgage compared to your old one.

ur cash savings consists of the amount of money you’ll now have in your pocket after refinancing. To find this amount, subtract your new monthly mortgage payment—along with about 3% of the loan from closing costs—from your current one.

The difference in the amount you’ll owe on your new mortgage is the difference between the principal amounts on your old and new loans.

Remember: on average, it takes 3-6% of the cost of the loan’s principal to refinance your mortgage, meaning you won’t see the payback right away. It takes time, young grasshopper, but can be worth the wait.

Next, it's time to consider a few things before diving in head-first.

This occurs when the cost of the mortgage refinance pays for itself (and will start saving you cash!). The breakeven period will tell you the number of years you will need to continue to make the monthly payment from your new loan until you earn the cost of refinancing back. If you plan to live in your home longer than the breakeven period, it may make sense to consider refinancing your mortgage.

How much longer will you live in your home

Depending on current interest rates, if you and your family plan on moving within the next five to 10 years, an adjustable rate mortgage (ARM) may be the right fit. In this case, you could reduce your interest rate (one of the best reasons to refinance!) and monthly payment on your loan if interest rates are falling. You're also off the hook for higher interest rates in the future because you’ll live there short-term. Talk to a financial professional to learn more!

Although an ARM usually has lower rates, periodic adjustments will cause the amount you’re paying to increase over time, which can be the primary downside of using an ARM. A fixed-rate mortgage can be better suited for those planning on living in their home for longer periods so the worries of interest rate increases disappear.

Are you able to shorten the term of your loan?

Taking a 30-year loan down to a 10- or 15-year loan can result in major savings over time while potentially only slightly raising your monthly payments. This is best to do when interest rates fall.

Will you refinance to tap equity or consolidate debt?

Another reason some people decide to refinance their mortgage is to access equity in their homes. This can help to cover major expenses such as home renovations. Hold up! Be careful—accessing equity may cause you to increase the length of your mortgage, which will not help you save money long-term.

Also be wary if you are considering refinancing to consolidate debt. While replacing high-interest debt with a low-interest mortgage may seem smart, you should only do so if you’re positive you won’t continue to spend when your debt is relieved.

Keeping these questions in mind when considering whether to refinance your mortgage can help make your decision easier and less stressful. Make the right decision for your family that will save you the most moolah in the long run.

Easy 5-step plan to pay off your mortgage on your budget and on your time

Master Your Mortgage in 5 Steps

We can help you master your mortgage in five steps.

You’ve already set your new home budget, now it’s time to build your mortgage plan.

Before you even sign the papers to your new casa, crunch the numbers. How much house can you 

to buy! There’s actually a real difference here.)

 of the numbers—like credit card debt, college loans, retirement savings plan

 monthly budget, etc. Are you left with enough cash for a solid 20% down-payment and enough cash flow to cover your mortgage? Do you have enough left over in your cash reserve to cover a few months of mortgage payments just in case disaster strikes?

If you answered yes to all of those questions, sign away, Mr. Hancock! Ready for five steps to mastering your mortgage? 

When should you put extra cash toward your mortgage?

Have a good month? Awesome! Get a large tax return? Great! Ready to use that cash to take a bite out of your big debts, like your mortgage? Maybe. However, before you pull out your mobile pay, check a few things first.

Saving and investing is all about balance. Yes, many people talk about paying off their mortgages aggressively with extra dough lying around. But consider doing this only after you’ve taken care of high interest credit card debt and loans, and you have a bigger plan for your cash flow and personal finance (debt management, college savings, retirement, etc.)

All set with your budget and debt payment plan? Awesome. You’re almost ready to throw down more cash at your mortgage. Just be sure you don’t have any prepayment penalties. And, consider what your interest rate is compared to the current mortgage rates—could you make more if you invested that excess cash in the market?

Make a plan to pay off your mortgage aggressively

If you have the funds, plan to be aggressive with your mortgage payment right from the get-go. That way, you’re buying a home you know you can afford—comfortably, too—and you’ll be chipping away at your debt faster, helping you pay less in interest over time.

Mark your calendar for your monthly payment

Buyers beware! Don’t be late on paying your mortgage bill. It may seem like common sense, but it happens to the best of us. Missing a payment can lower your credit score and even cause your interest to accumulate. Yuck! One easy way to avoid this is to set up an automatic payment plan. This way you can sleep easier at night knowing your bill has been paid on-time. (Just make sure that you will have enough funds in your checking account each month to ensure you don't overdraw your account and accrue overdraft fees.)

An escrow service automatically sets aside money for your property taxes and insurance that the mortgage lender will pay on your behalf. Your mortgage lender may offer or insist on an escrow service for your loan. They tend to do that because escrow increases their security that you won’t default on these expenses.

Escrow can be a great forced-budgeting tool that ensures you’re putting away enough to cover your expenses. And, it helps keep you from having to write these big checks twice a year.

However, the downside is that escrow accounts typically don’t pay the interest on funds that you could otherwise earn in other accounts. And, once you set aside the money in escrow, you can no longer access it easily.

Hey, we’re always fans of saving money. But just know that you should not rely on your mortgage as a primary investment. Yes, your aggressive monthly mortgage payments can help you pay off your house sooner and save on interest (less debt = 🙌). But, don’t assume that your home value will increase each year. One of the factors that contributed to the 2008 housing crisis was that people bought homes they couldn’t afford. They 

 the value of their home would increase each year and then down the road they could just refinance it with an 

 higher real estate value. So when the home values didn’t go up as much as expected, people were left underwater on their mortgages and ultimately lost their homes. Many people’s largest asset is their home. But we advise you to think differently. Look at your home as a place to live rather than a prized asset. In other words: don’t bank on those “savings” paying out.

Now you’ve sufficiently mastered your mortgage! Remember: financial planning doesn’t have to be hard. We can help.

Quick and easy 8-step plan to figure out your new house budget 

How Much House Can (No, Should!) You Afford?

How much should you really spend on your new house? We have eight steps.

In the market to buy a house? Awesome! Let’s get one thing straight. It’s not how much house 

Already got your pre-approval loan letter? Cool! You’ve heard back from the bank, and all of a sudden, you’re a millionaire! The bank has pre-approved you for a surprisingly-high amount. You barely close the email and you’re already Zillow-ing McMansions and considering hiring a butler.

Just because the bank is willing to bet you can pay them back for that loan on your mortgage, are you entirely sure what that even looks like?

First thing’s first. Just like trying on wedding gowns, you only try on ones you can afford. Because, if not, all of sudden you’re sitting in a pool of tears, bridal salon champagne, and wrinkled tulle (that you can’t afford). Buying a house is a crazy-emotional concept. As soon as you find that dream house, it can be hard to tear yourself away and fall back to reality. Before you fall in love, your first move is setting a budget.

Consider these standard rules of thumb when determining your realistic new home budget.

Your mortgage should fall between 2-3 times your annual salary (or less!)

If you and your spouse have a combined household income of $100K, you shouldn’t look at houses where you will need a mortgage that exceeds $200-300K. That is, unless you’re a master negotiator! In which case, call on that McMansion and haggle your way down to your budget.

Allocate 25-30% of your monthly budget toward your mortgage

Don’t forget you still need to eat! And afford gas, your gym membership, dog food, cell phone, etc. Not every penny can realistically go toward your house. (And, oh, hey! Remember to factor in the cost of real estate taxes and homeowners insurance. Isn’t adulting fun?!)

Your annual debt payments should not exceed 36% of your annual income

Remember that four-letter-word, “debt”? Yeah, we’re talking house, car, college loans—all that good stuff. Take account of all the dollars you need to pay annually on all your debt against your annual income and ensure you’re falling within the safe range.

Have enough cold, hard cash for your down payment

Consider paying up front for at least 20% of your home sale price. Yes, you can get a mortgage with 10% down or less, but then, typically, you will have to pay an additional fee for private mortgage insurance. Consider stretching yourself here. Saving for that 20% down payment is a great financial exercise in itself before owning the home. With a 20% down payment, you’ll likely get a lower interest rate on the mortgage, thereby lowering your monthly mortgage payment and giving you some extra cash to throw toward your other debt, entertainment fund or retirement (hello retirement savings, we’d never forget about you).

Bonus tip: Having a good credit score is another way to lower the interest rate and monthly payment on your mortgage.

Woohoo! You’ve made it through inspection and now you’re officially closing. Hold up; you’re not out of the woods yet. Zillow reports that, on average, people pay $3,700 in closing fees; or in other words, between 2 and 5% of their home price.

In addition to real estate taxes and insurance, when creating a budget make sure you think about the costs of utilities, lawn services (if mowing isn't in your wheelhouse), renovations, and any other fees that may be necessary to upkeep or upgrade your new home. Keep in mind that these costs should be separate from your emergency fund. Although replacing your old linoleum kitchen counters may seem like a life or death situation, it isn't exactly an emergency… (But, don’t get us wrong; there are certainly times that call for using your emergency fund!)

Despite what you may have been told, bigger isn't always better. So before you get too excited about the great listing price on the 4,000 square-foot house of your dreams, think about the additional costs that may come with it. A larger home often means higher utilities. The cost of heating and air conditioning all that extra space will make the check you write to your new friends at the utility company more expensive. And if you plan to pay for housekeeping, lawn care, or any other services those extra square-feet also mean extra bucks.

Moving ain’t cheap! Set aside $1-2K for moving expenses like moving trucks, boxes, cleaning supplies, professional movers, etc. Part of that pot o’ money can go toward new furniture to fill your new house, too.

Want to stretch your home budget? Consider what you can sacrifice. Just think: skipping dinners out and cutting down on your non-essential purchases (ahem, we’re looking at you, fantasy football and new wardrobe) can get you closer to that dream house.

Remember, just because someone tells you that can 

 afford that down payment and monthly mortgage, think about how that will feel. What will you have to skip? What luxuries are you accustomed to that you’ll have to forego?

Now that you have your budget in order, now comes the fun part! Whip out that phone and start swiping through homes. Good luck!

How Much House Can I Afford Blog Content

Easy tips to create or update a budget that you can actually stick to

How to Create a Budget

One in three Americans keep a detailed budget, according to Gallup. We've found that some people love budgets while others loathe them, and some have them but find it easiest to simply ignore them. The question is: 

Does one really need a budget and how detailed does it need to be? 

Yes! But we don't think you should get hung up on how detailed it should be.

Your budget, and budget process, shouldn't own you. If it does, we'll help you find a better way to approach your finances. There are many valid reasons for having a budget which we will dive into in a bit and more importantly, we think there are some great tools out there to help you in the process.

To pay off debt in a planned, consistent manner

To prepare for emergencies and build a cash reserve

As a tool to discuss general finances if you share finances with a partner or spouse

Consider this: (before we dive into your 4 specific to-dos):

Consider which system will work for you. It may be pen and paper, spreadsheet, or an app. Go with what you are comfortable with and stick to it.

Decide how detailed you need to be. If you know being super detailed is not going to work for you, then abort mission and stick with something less detailed.

If you have a partner, get their buy-in. For this to work, you'll both need to commit to a budget.

Consider how much you should be allocating to spending, saving and debt payoff. An industry rule of thumb is the 50/30/20. That means you're putting 50% of your income to your needs (like your house, car, groceries), 30% to your wants (guitars, fancy clothes, concert tix) and 20% to savings and retirement. If you're like many of us and want to strive for that little extra, swap the 30 and 20. Put 30% of your income toward savings and 20% toward your wants. You can do it; push yourself.

Do a little research and plan how much you want to save, and where that "next dollar" should go. Nerd Wallet has a graphic we love on this topic, especially if you have debt.

nerd-wallet.avif

 Digital banking? An app? Pen to paper? Excel? Find it and stick to it, for at least for six months. If after six months it isn't working, try something new.

Be realistic. If you like detail and the thought of typing in each expense into an excel spreadsheets sounds fun, then have at it! If it sounds miserable, consider something more high level. Aggregating your accounts with a platform like our digital banking app will allow you to scroll through your expenses as frequently as you like. That way, you can simply take note of each expense. This option may be sufficient for you to track your spending.

 our digital banking app will do a lot of the heavy lifting for you, like importing real time transactions and current income in addition to simple rules of thumb. It'll only take you about 15 minutes to connect your accounts and get started.

If you are calculating your budget manually, include the following:

Income from all sources: Include not only steady income but any other income you expect periodically. Think about any real estate you own, rental income, frequent gifts, holidays; and vacations, birthdays, and weddings, etc.

Expenses: We recommend use the past 12 months to see what you typically spend in a given year. When looking at periods less than that, spending can be inconsistent. Include 

We all fall victim to "that was an atypical expenditure" to make ourselves think we spend less than we do. There are 

After each month, compare your expenses and income

. If your expenses are exceeding your income, it is time to make changes in your budget.

 After you have established your budget, it's time to take a step back to consider your financial goals. Do you need to save more, or plan better, think about your complete financial goals, like spending down debt and saving for retirement and kids' college plans.

 It can be tougher to alter your income, but you can surely make changes in your expenses.

The final step is to monitor your progress in financial terms to check whether you are making right efforts or not.

How to Create a Budget Blog Content

A 5-step plan for teaching your children about money and financial wellness

How to Teach Kids about Finance

You may be wondering when to talk to your child about money, how to teach your child about saving money, or how to teach your child about budgeting at an early age. As if raising children wasn't hard enough, teaching your child finances can be a daunting task. But it doesn't have to be!

When it comes to talking to your children about money and finances, there are lots of reasons why parents put it off. But, that's why we're here to help.

Below is a five-step plan to teach your children about finances. And, before you (or your child!) get overwhelmed, remember that small doses of money talks are better than none. And, real world experience can be the best teacher of all.

You don't have to "nail it" on the first try.

As parents, it's only normal to want to "nail it" in everything you do for your family. That said, we parents know we're getting things wrong—fingers crossed it's not the big things!—but we're still trying to do things right. Too often we become overly concerned with trying to do the "right thing" or even the "very best thing" that we become paralyzed and end up doing nothing at all.

We see this unfortunate result all too often when parents try to figure out the "best way" to 

teach their children good financial habits

. As it turns out, financial paralysis is a common thing many people experience. That's why we're here to help you through these hard financial discussions and decisions.

Having financial conversations with your children is more about normalizing finances and financial decisions, rather than making them huge and stressful moments. These conversations don't have to be perfect, but they do have to at least happen.

Small conversations are better than none.

Because there are no hard and fast rules about which financial conversations to have with your children at certain ages, we parents all too often end up skipping the conversations altogether. It's not like parents (or children, for that matter) have homework or worksheets about why you should have a savings account, or why it's important to live within your means. Of course we're skipping these conversations, because we don't have benchmarks to guide us along the way.

But small, deliberate conversations can make a big difference. The "money talk" doesn't have to be a lecture or a worksheet to be effective. Instead, it can be a two minute on the fly conversation as you're paying your utility bills, getting money out of the ATM, choosing which groceries to buy, or handing out allowance money.

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