Banca en línea - Usuario

News & Tips

How to Budget Your Funds to Cover Your Needs

febrero 17, 2021 by Space Coast Credit Union



Many would agree that having a budget in place for their finances would help ensure they have enough money for all their necessary expenses as well as giving them a sense of financial freedom. The term budgeting may give you the same mental reflex as when you hear the word taxes; but instead, we should look at budgeting as a tool on our path to financial peace of mind.



Break Down Your Current Spending


To see your current spending patterns, you will need to look at your spending history. Gather statements from each of your accounts you regularly use, so you don’t miss any expenses. Only focus on one month at a time, but for a more holistic view, it’s best to work back a couple of months for variances in spending month-to-month. Check out the Financial Wellness page for more resources. 

Helpful Tip: It may be easier to print your statements so you can cross items out once they have been accounted for, especially if you use multiple bank accounts or credit cards.

Step 1: Income – First things first, calculate your monthly income. You can’t allocate funds for a budget without knowing the consistent amount of money you’re earning each month. Make sure you don’t calculate this number with variable income. For example, if you typically receive two paychecks per month, make sure you don’t account for the occasional third paycheck you may receive in a month when the paydays fall just right.

Step 2: Necessities – Next, list all the expenses you have to pay each month. These expenses could include rent or mortgage payments, utilities, typical grocery bills, transportation costs, medicines, and minimum payments on any debt owed. You may find the printable chart in Members Managing Debt helpful when creating this list.

Step 3: Leisure – Now, list all your leisure expenses, which are anything you could live without if necessary and are not required to spend money on. These might include subscriptions, hobby expenses, food delivery fees, and cable and streaming services, to name a few.

Step 4: Debt Repayment and Savings – This step is just as it sounds. Notate any funds you typically apply to pay more than the minimum payment on any debt owed or any funds you tuck away into your savings account.
 


Making a Budget Using the 50/30/20 Rule

Now that you’ve categorized your current income, necessary expenses, and leisure expenses, it’s time to plan your future spending and implement structure to your budget using the 50/30/20 rule. The idea of this method is simple: 50% of your income goes toward necessary expenses; 30% goes toward your leisure expenses; and the final 20% is used to pay above the minimum payment amount on any debts owed. If all your debts are paid, the 20% will go into your savings.

If you’ve followed the steps above in the “Break Down Your Current Spending” section, this next step will be a breeze. Remember to look at only one month at a time and total all the amounts in each section. Then take the total from steps two, three, and four and divide each number by the total in step one, your income. These percentages are the current snapshot of how you spend your money. If you’re less than excited about the numbers you’re seeing, that’s okay! The most important thing is that you’re now aware of your current spending and your spending goals and can work to achieve these goals.


Work Your Budget Toward Financial Freedom

Necessary Expenses - If your necessary expenses are above 50%, let’s take a closer look. Just because an expense type is deemed necessary, it doesn’t mean there’s nothing you can do about it. You may only want to take on a few expense types at a time but look at each one individually. For example, car insurance is mandatory; but when is the last time you price shopped with other companies? Sometimes even calling your current insurance company and letting them know you’re price shopping can help save on your monthly payments. Take a similar approach with auto and mortgage rates, especially when rates decrease. See if SCCU’s current Mortgage rates or Auto rates could help you save on your monthly payment or call to speak with an Express Services Associate today.

Leisure Expenses - Everyone prioritizes their leisure expenses differently. Your first step will be to read your list and note any expenses you aren’t utilizing or simply would like to cut. A simple example is a subscription you no longer have an interest in. From here, the process becomes much more personalized. The following are examples and suggestions you can use but don’t be afraid to get creative with your own budget!

• Cycle your streaming services. Rather than paying for every streaming service every month, only pay for one streaming service and rotate which one you’re watching every 2-4 months.

• Buy the grocery store brand over the name brand item. They usually taste similarly, and the savings add up if you do it for your entire grocery list.

• Buy grocery items in bulk like meat, rice, and pasta to save money over time if you have the extra money at the time.

• Wait for seasonal sales to make big purchases. Some holidays are associated with deals like electronics on Black Friday or Cyber Monday, and Presidents’ Day weekend typically has deals on furniture.

• Find a second-hand store near you. Finding an awesome piece at a reasonable price is always a great feeling! At Goodwill, you can usually find clothes, accessories, home décor, books, and puzzles. Habitat for Humanity typically has furniture and larger home appliances. Even some chain stores will sell dented or scratched merchandise on clearance – don’t be afraid to do some research and fix small things yourself to save a few extra dollars.

• Trade services with your friends and neighbors. Rather than hiring a babysitter, see if you can watch your friends’ kids for a night, and in return, they would watch yours a different night.

• Re-imagine your vacations. Prioritize your favorite parts of vacationing and cut costs in the others. For example, if you value experiences, trade in the travel expense and find activities closer to home. If you value traveling, book Airbnb’s with kitchenettes to cook yourself rather than staying in hotels and dining out.


After you’re able to dissect your current spending, learn a financially healthy rule of thumb for spending, and get creative to lower excess leisure spending, budgeting becomes much less daunting. Every budget looks different, but with a little bit of time and a proper approach, you can change the way you see your budget and how you spend to stay inside those guidelines. You can learn more about achieving financial peace here.
 
¿Se sintió ayudado?
How to Switch Banks in 5 Steps
junio 22, 2022 by Space Coast Credit Union
From depositing checks to paying bills, your checking account should work FOR you and not against you with unnecessary extra monthly fees. See why it's worth switching to a Free Checking account at SCCU.
Unleash the Hidden Benefits of Digital Wallet
febrero 23, 2022 by Space Coast Credit Union
You’re walking along the beach and begin to feel thirsty. Your heart sinks once you realize your wallet is over a mile away. But then you realize that you have your phone with you, which means you can still access all of your cards through your digital wallet app! Learn more about all of its benefits here.
Which Credit Card Benefits: Cash Back or Points?
febrero 15, 2022 by Space Coast Credit Union
Credit cards offer several benefits from covering emergencies to earning rewards. But with so many card options available (and vying for your attention) with cash back or points, it can be overwhelming to choose a rewards program that’s best for you. In this article, we’ll discuss the pros and cons of each type to help you score rewards in no time! 
A Beginner’s Guide to Free Checking (What It Is & Why You Need It)
enero 28, 2022 by Space Coast Credit Union
Checking accounts are like a Grand Central Station for your money—flowing in and out with deposits and withdrawals. Many banks and credit unions offer free checking accounts, but what exactly is a free checking account and why should you get one?
The Beginner's Guide to a Good Credit Score (& How to Get One)
enero 7, 2022 by Space Coast Credit Union
When you want to borrow money—perhaps for a mortgage or a car loan—or to get approved for a credit card, lenders typically require a decent credit score. But, what is a good credit score, and how can you make sure you have one?
Visa® Platinum Benefits: A Guide to Receiving Credit Card Rewards
diciembre 21, 2021 by Space Coast Credit Union
Today, strategically selecting whether or not to use a credit card and which one to use can be part of savvy financial management. We're taking a look at why the Visa® Platinum credit card at SCCU may be the one for you.
10 Creative Ways to Save Money in 2022
diciembre 10, 2021 by Space Coast Credit Union
Saving money can be challenging. But after the holiday season, it’s often a top New Year’s resolution. From joining special savings accounts to making some daily item switches, we’ve rounded up 10 ways that could save you thousands of dollars a year! 
Holiday Shopping with Credit Cards Do’s and Don’ts
noviembre 12, 2021 by Space Coast Credit Union
The holiday season often brings with it a cup of cheer and a shopping cart full of gifts for the ones you love. Credit cards make holiday shopping fast, easy, and convenient. And the best part? Earning points for rewards! However, they can also have some pitfalls. Here are our top do’s and don’ts to keep in mind while holiday shopping with credit cards. 
What are Secured Credit Cards?
septiembre 28, 2021 by Space Coast Credit Union
Maybe you’ve run into the following paradox: How do I get a credit card with less-than-perfect credit (or no credit) if I need a credit card to build my credit? You’re in luck because secured credit cards break this cycle!
7 Savvy Skills Teens Gain from a Student Checking Account
septiembre 21, 2021 by Carmen Tapanes
While teens can watch hundreds of videos on the Internet about finances, experience is often the best teacher when it comes to managing money. But it can feel overwhelming for them to know where to start learning the fiscal ropes. Opening a checking account gives them a learner’s permit to handling financial matters with the peace of mind of having an adult as the co-owner. 
How to Choose the Best Free Checking Account
septiembre 14, 2021 by Space Coast Credit Union
When searching for the right checking account, most people would prefer one that’s “free” — and rightly so. But it can be hard to know what exactly “free” means today when we know that fees and terms are often the name of the game. The reality is that financial institutions will define "free" in different ways.
Choosing the Best Credit Card to Fit Your Needs (+ Where to Get It)
julio 23, 2021 by Space Coast Credit Union
Credit cards can be an excellent tool for building credit when you’re financing purchases both big and small. Most credit cards today deliver some form of benefit with membership—accumulating points, cash back, airline miles, or other deals, consumers have a wealth of choices.
How to Prepare Kids for a Better Financial Future
abril 28, 2021 by Space Coast Credit Union
April is National Credit Union Youth Month, encouraging kids to develop healthy saving habits. Here are some ideas to help you get started!
Credit Education Month
marzo 10, 2021 by Michael Higgins
To celebrate Credit Education Month, we have answered common questions about credit scores and why they are so important.
How to Budget Your Funds to Cover Your Needs
febrero 17, 2021 by Space Coast Credit Union
The term budgeting may give you the same mental reflex as when you hear the word taxes; but instead, we should look at budgeting as a tool on our path to financial peace of mind.
Financial Peace: Pay Your Dues & Your Debts + Restore Hope in 5 Simple Steps
febrero 3, 2021 by Space Coast Credit Union
Discover how to obtain financial peace in 5 simple steps. Learn how to pay off your debts the right way and educate yourself on how to live financially free.
The Definitive Guide to Achieving Financial Freedom
enero 29, 2021 by Space Coast Credit Union
This guide offers steps that you can put into practice immediately as you work towards financial freedom.
Quick Steps to Being Financially Prepared
diciembre 11, 2020 by Space Coast Credit Union
There are simple ways to be financially prepared, including building an emergency fund and being aware of financial options if you find yourself in a tight spot.
Top 3 Benefits of using your SCCU Credit Card during COVID-19
agosto 26, 2020 by Space Coast Credit Union
At SCCU, we know that finding the best credit card to shop safely and securely is important, and we’ve been busy behind the scenes revamping our card products to better serve YOU.
3 Steps Toward Financial Wellness
julio 7, 2020 by Space Coast Credit Union
COVID-19 has impacted all of us. During times of uncertainty, you need a trusted partner and SCCU is here for you.
When Debt Consolidation Loans Make Sense
mayo 8, 2020 by Space Coast Credit Union
Discover the advantages of debt consolidation loans, and why using a HELOC to consolidate your debt makes sense.
Learn How to Enhance your Financial Wellness in 2020
diciembre 24, 2019 by Space Coast Credit Union
As 2019 ends and we begin a New Year, it is time to get financially prepared! Have you thought about your financial goals for 2020?
Simplify Your Finances with an SCCU Free Checking Account
diciembre 12, 2019 by Space Coast Credit Union
Not all free checking accounts are the same, with features and benefits varying from one financial institution to another.
Financial Fitness in 2018 and Beyond
abril 12, 2018 by Space Coast Credit Union
SCCU is committed to offering you guidance and support all along your own personal journey to financial fitness.
The Advantages of Opening a Certificate of Deposit
marzo 8, 2018 by Space Coast Credit Union
CDs can play an important role in your savings strategy.
Break Up With Your Bank
febrero 16, 2018 by Space Coast Credit Union
What should people do if they realize they’re in a relationship with the wrong financial institution?
The History of the Checking Account
febrero 7, 2018 by Space Coast Credit Union
If you lived in Ancient Rome and needed a loan for your new chariot, you couldn’t just go to the nearest credit union. 
Why Choose a Credit Union Vs. a Bank?
julio 27, 2017 by Space Coast Credit Union
Credit unions tend to be smaller than banks, meaning you get excellent customer service and a personal experience!
4 Perfect Times to Consider a Personal Loan
febrero 16, 2017 by Space Coast Credit Union
Virtually everything costs money, and it’s often more than you’d expect it to be.
Bring Back the Brown Bag: Saving on Lunch
enero 6, 2017 by Space Coast Credit Union
Brown bagging can add $1,104 to your year. Interested? Here are three tips to help jumpstart your new lunch habit!
New Year’s Resolutions for a Richer 2017
diciembre 29, 2016 by Space Coast Credit Union
The New Year is a great time of renewal. That makes it a good time to make bold, decisive changes in your life. 
Common Mistakes During Open Enrollment
noviembre 3, 2016 by Space Coast Credit Union
Be sure to watch out for these three common pitfalls when enrolling in workplace benefits.
Don’t Sleep On Your Savings Account
octubre 27, 2016 by Carmen Tapanes
One of the best things you can do with a savings account is forget about it – just make sure it doesn't become dormant. 
10 Easy Ways to Save Money in College
enero 15, 2015 by Space Coast Credit Union
College comes with many costs, but don’t let those costs bring down what should be some of your most exciting years.