Budgeting Tips

Are you always running out of money by the end of the month? Do you find yourself charging up to your limit on your credit card? It's easy to save too little and spend too much.

Try budgeting for financial freedom! Commit yourself to a realistic budget and soon you'll know where the money goes and how to free up your finances for the things you really need.

Tips for successful budgeting

• Be realistic. Don't set goals that you know you'll never reach.
• Create a budget and stick to it.
• Distinguish between wants and needs. Do you want a new car or need a new washing machine?
• Record your monthly expenses. Balance your checkbook and write down every transaction, including Check Card debits and visits to the ATM.
• Limit your debt. Pay your credit card balances off on time each month. By paying on time, you'll avoid a late fee. Carry only one major credit card to eliminate the temptation to use another card. Better yet, go shopping with cash only.
• Shop wisely. Review Consumer Reports and other publications to avoid making large purchases that are known for needing repairs.
• Save for infrequent expenses such as birthday presents or car tabs. Set up additional savings accounts at Spokane Teachers if you know these expenses are coming.
• Save money each month and contribute to your retirement.