Oct 22, 2012

Tips for Managing Your Personal Budget

Managing your budget is important at all times, but even more so during a challenging economic climate. We can all use solid advice on making sure that our income covers our expensesand allows enough extra for savings and fun! Take a few minutes to learn some proven budgeting tips from the Community Bankers of Wisconsin

Balancing Act: Personal Budgeting in Tough Times
The problem with budgeting is it's easy to forget that this is an ongoing process. Any change in income-especially a downward change-or an upward change in expenses, from an unexpected veterinarian bill to the rising cost of groceries, requires an adjustment in your budget. Recent years have brought new budget challenges to many consumers. Here's an overview of actions you can take to keep your budget balanced.

First, take stock: list your monthly income and expenses to determine whether your income covers your current expenses. You may need to track all your expenses for a month to capture all your cash purchases, such as food, beverages, entertainment, or personal items from aspirin to zinc tablets.
If your budget is out of balance, figure out where you might cut back. If you routinely incur late fees or overdraft fees, work out a plan to pay your bills when they are due.

Maybe you've been thinking about switching your telephone landline to a cell phone. Or, taking the bus or biking to work three days a week. First, take any actions you may have been thinking about. Then, look for less obvious ways to make ends meet. Schedule an appointment with your insurance agent to see whether you might be eligible for safe driver savings or a discount if you insure your house and vehicles with the same company. You may want to talk with your community banker about refinancing your home mortgage at a lower interest rate or transferring a balance on a high interest credit card to a lower rate card or a personal loan.

Next, consider how you might increase your income. If you've been considering a career change, this might be a good time to apply for other positions. You might want to add a second job, especially in a field that's enjoyable to you, for example, in a quilt shop, hobby store, musical performance, or youth sports program. Or, maybe this is the time to explore your entrepreneurial side by starting a low-cost business you've been dreaming about.

Faced with a need for more income, people sometimes decide to have a garage sale or sell items online. Beware selling any items you will eventually need to replace or items of sentimental value that you really don't want to part with.

Whatever you do, don't take on additional debt in an effort to pay immediate bills. Unless your budget challenge is truly a short-term event, additional debt will just add to your financial problems. Also try to avoid cancelling your health insurance or using retirement savings.

Many Wisconsin resources offer more details about how to track your spending, cut back, increase your income, and balance your budget. A few of them are:
  • The University of Wisconsin Extension offers several online publications to "Managing Your Finances in Tough Times" at:
  • The Wisconsin Department of Financial Institutions offers on its website a link to Practical Money Skills," including saving, spending, and budgeting: (click on Personal Finance).


  1. Typically people that budget consistently will find that they were spending money on things that they really did not need to. According to essay writing services canada instead of wasting money on crap they could care less about, they could redirect those funds into something they would actually enjoy doing.

  2. That way you stay on top of where you are at, can change things, make better decisions ahead of time rather than always being in reaction mode or putting out fires.guarantor loans

  3. Personal loans are usually for three months to five years and can be for any purpose. There are also car loans and home improvement loans.

  4. This content is written very well. Your use of formatting when making your points makes your observations very clear and easy to understand. Thank you.
    No Job Payday Loans

  5. They are made for any purpose and do not have to explained as to the reason for needing them in order to get the financing. To be clear, the primary types of personal loans that exist are secured (protected) personal loans and unsecured (not protected) personal loans.

  6. Quality stuff may be the key to invite the users to visit begin to see the blog site, that’s what this site provides.
    Wix web site

  7. Fearless and shocking in comparable measures, an undeniable necessity read.
    Kucoin review

  8. Wonderful, just what a blog it is! This blog has provided the helpful data to us continue the good work.
    Wordpress web

  9. Hi Dear, have you been certainly visiting this site daily, if that's the case you then will certainly get good knowledge.
    Google Blog

  10. Looks like the writer has put a lot of hard work into this.
    click site

  11. This is important, though it's necessary to help you head over to it weblink:
    read this

  12. Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking.
    no credit check personal loans

  13. Nice to be visiting your blog again, it has been months for me. Well this article that i've been waited for so long. I need this article to complete my assignment in the college, and it has same topic with your article. Thanks, great share. credit card processing

  14. I want to say thanks to you. I have bookmark your site for future updates.
    long term loans for bad credit

  15. It has fully emerged to crown Singapore's southern shores and undoubtedly placed her on the global map of residential landmarks. I still scored the more points than I ever have in a season for GS. I think you would be hard pressed to find somebody with the same consistency I have had over the years so I am happy with that.
    bad credit loans monthly payments

  16. Mobile Payment Solutions- Google: free iphone payment application, free blackberry payment application, free windows mobile payment application, free android payment application How to Sell Credit Card Processing