When it comes to building a budget, priorities play a key role. By identifying and categorizing common expenses, young people can learn to look after their essential needs, stay on top of savings, and prepare themselves to handle unexpected expenses. With the help of a solid budgeting strategy, youths can build a future of financial stability while enjoying any disposable income guilt-free.
Budgets are like the New Year’s resolutions of personal finance. We all know we should have one and we all know it’s a fairly simple thing to follow—at least in theory. Like resolutions, we often map out personal budgets with the best of intentions, only to abandon them a couple of weeks later.
Building a Budget
Budgeting is a skill that helps you make smart decisions with your money. It ensures that you’re spending less than you earn, it prepares you for life’s curveballs, and it funds your goals and your dreams. Unfortunately, budgeting is often seen as restrictive and overwhelming. Financial priorities are deeply personal, so it can be challenging to find the right combination of strategies and tools that work for you.
Fox Communities Credit Union is a full-service, not-for-profit financial institution serving members throughout Eastern Wisconsin, including Appleton, Green Bay, Oshkosh, Manitowoc, and Milwaukee.