It’s a good time to get your finances in order for the new year and your 2019 taxes. Setting up a budget helps you track what you take in vs. what goes out each month and can help you meet goals.

Begin by determining wants and needs, then prioritize what is most important. For instance, maybe an upgraded phone plan is something you need more than dining out once a week; so you’ll want to add to your phone plan and subtract from your entertainment expenditures.

Saving for a Rainy Day

Having an emergency fund is important. According to, an emergency fund should have six months of living expenses. When setting up your budget, it’s a good idea to include a special fund in case you lose your job, the car breaks down, or the roof starts leaking.

Online Budgeting Tools

You can go beyond basic budgeting with the help of Online Budgeting Tools in CEFCU On-Line®.

  • Budgets: Set up categories based on your lifestyle.
  • Spending: Adjust your budget based on the patterns you find here.
  • Trends: Track and compare income and spending patterns.
  • Net Worth: See assets and liabilities at a glance.
  • Debts: Find out what you owe and an estimate on when you’ll be debt free.

Budget Review

Because life changes, there will be times when your budget needs updated. Consider setting up an annual budget review to determine if you have the right amount for your needs and wants. It’s also a good time to think about saving more money.

For more information on budgeting and other financial education, visit Financial Basics.