How to know where your money is going

While Americans are making more money than ever before, 57% are not financially healthy according to CFSI’s Consumer Financial Health Survey.  Martha D. Wunderli, Executive Director of AAA Fair Credit Foundation, a nonprofit Center for Financial Capability, shared how to take inventory of your budget.

Taking Inventory of Your Budget

How much do you ‘think’ you spend on:

  • Groceries
  • Gasoline
  • Fast Food/Convenience store
  • Giving $ to kids
  • Clothing
  • Bank or other fees

How much do you actually spend in those same categories?

  • Check bank/credit statements
  • Track cash spending
  • Compare actual expenses to what you thought you were spending

Also consider:

  • What types of bills do you have?
  • What little things usually ‘pop’ up?
  • Where does your cash usually go?

Martha says a small percent of expenses are fixed. This included things like a house payment, fixed loan payments, monthly services. However, most expenses are variable. These include things like utilities, gasoline, and groceries. Another category to consider when putting together a budge is periodic expenses. Martha says keeping a good budget includes planning for these things. 

AAA Fair Credit Foundation work to help Utahns gain control of their personal finances. Fair Credit’s continuum of financial counseling moves people from financial vulnerability to stability, reduces dependence on public assistance and builds a stronger Utah economy. Its mission is to teach individuals and families how to manage their finances wisely to improve and sustain financial well-being.

For more information on Fair Credit Foundation, visit faircredit.org
 

 

 

 

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