Tips for Getting Started with Budgeting and Saving
January 20, 2025
Tips for Getting Started with Budgeting and Saving
The holidays are over, did you stick to your Christmas List? If you’re anything like me, you probably didn’t; it’s too easy to find ways to justify spending a little bit extra during the holidays. But we all get another chance to start over. Let’s talk about how you can meet your personal banking goals with budgeting and savings.
How to Start A Budget
Budgeting is a plan of action; it helps you prioritize the amount of income you have against the amount of expenses you need to take care of each month. Income can be from a job, and could also include a side hustle, or a hobby, craft, etc. which generates some additional revenue for you. Expenses include the necessities you take care of like rent, mortgage, transportation, dry cleaning, groceries, utilities, insurance, etc., as well as discretionary items like entertainment, travel, hobbies, and clothing beyond what you really need. When you subtract your expenses from your income, the goal is to have extra money remaining at the end of the month.
Where to Find Savings
The extra that is left over is what you use to save, invest, or give away (charities). If you subtract and find that you’re in the negative (more expenses than money) then take a closer look at your expenses and see what items or things you can cut back on temporarily. In addition, you can potentially look for ways to increase your income. Maybe it’s a part-time job, it may be selling some clothes that no longer fit that are still in good condition, or giving up that expensive latte.
Whichever way you choose, there are plenty of options out there for you; from saving spare change, to setting a specific saving goal (try something like $50.00 per month), or even the 52-week challenge. The 52 weeks challenge starts with saving just $1 the first week, $2 in week 2, $3 in week 3 and you keep going. By week 52 you will have saved $1,378.00. The key is to put the money you save into a bank account that is paying interest, and that the interest is compounded. Look for High Yield Savings accounts, Money Market accounts, or even CDs (depending on the initial deposit). Kearny Bank offers several products to meet your financial needs. For our Private Clients, we offer special financial planning services that are more than just the basics. Our team of dedicated financial advisors can help you create a budget that fits your unique financial goals and lifestyle. Whether you have multiple sources of income, want to improve your investments, or need help planning for big life events, we provide personalized solutions to ensure your financial success.
Plan for Financial Success
How can you get started? Write down 3 goals you have for 2025. It may be to take a Caribbean vacation, pay off a credit card, or buy new furniture. Whatever you decide to do, make it fun and be creative. If you miss the mark, try again. There’s no wrong or right way to do it. Just do it. There are tons of resources out there on YouTube, NerdWallet, Rocket Money, CNBC just to name a few. Then, start creating that monthly budget to ensure you’re saving each month. Assign some of your savings to each of your goals. This will give you something specific to work toward and help make saving more fun. Before you know it, you’ll be sitting on that new couch or off to a tropical vacation!
And if you need more help figuring out where to put the money that you’re saving, come speak to a banker. We’re always happy to understand your specific situation and help you figure out the best ways to help you save toward your goals. For our Private Clients, we offer access to personalized financial strategies designed to maximize your wealth. Make 2025 the year that you get your personal finances in order!
By Sylvia VanTerpool, AVP | Private Client Representative
About Sylvia:
As an Assistant Vice President/Private Client Representative, Sylvia VanTerpool focuses on providing personalized, white glove banking service to private clients. In addition to managing and expanding existing client relationships, she works with Kearny Bank Retail Relationship Managers to identify current clients who are eligible for private client status.
A Retail Banking professional with over 20 years of experience in the financial industry, Sylvia joined Kearny Bank in 2020. She earned a PMI-Project Management and Business Analysis certification from Avtech Institute of Technology.