Regardless of how much you're working with, staying on top of personal finances is challenging for even the most organized individual. The easiest way to approach the process is with a personalized budget. From evaluating your spending habits to utilizing online banking, follow these steps to create a monthly budget that works for you.

A Guide to Creating a Monthly Budget

1. Breakdown Your Expenses

First, review your monthly bills so you know what you're working with. Outline when expenses are due and overestimate totals on fluctuating accounts, like electricity. Total all of these costs up and subtract it from your monthly take-home pay to determine what's left.

2. Identify Potential Areas of Savings

After necessities are out of the way, review your monthly spending habits to locate potential savings opportunities. For instance, if you order out multiple times per week, you may be able to save hundreds of dollars per month by eating at home. Other ways to reduce expenses include carpooling to save on fuel costs and reserving coffee shop stops as a treat instead of a daily affair.

3. Create a Savings Goal

Your savings goals should include both an emergency fund for unexpected expenses as well as future landmarks, like a down payment for a house. Find out if your banking institution allows automatic transfers from checking to savings accounts. If so, set up a recurring transfer through the online banking system to prevent any temptation of spending the additional cash.

4. Designate a Small Amount of 'Fun' Money

After you've taken care of responsibilities, it's time to reward yourself. Plan a small fun fund into your budget that sets aside money for non-necessities. This money can cover a wide range of possibilities, including date nights and clothing.

5. Track Every Financial Move

Once you've created your budget, figure out the best way to stay on top of it. Use a spreadsheet or simple piece of paper to outline which expenses are designated for each payday based on your budget plan. Additionally, highlight your savings transfer schedule. To ensure your financial reality reflects your plan, utilize online banking tools to keep track of each move throughout the month.

Make the budgeting process a breeze by turning to Citizens Bank in Byhalia, MS. A member of the FDIC, the local bank offers a friendly, helpful team of professionals dedicated to providing a personalized banking experience to residents of Marshall County. Whether you need to open a new savings account or learn how to use their online banking tools, they'll assist you every step of the way. Visit their website to learn more about their personal banking services, or call (662) 838-2146 to speak to a friendly member of the team today.