Common Cents
Unify Your Goals, Unify Your Family, Unify Your Life.
January 2016 * Issue 1, Vol 32
5
Tried and True Ways to
Stay On Budget This Year
Planning a family vacation or a house remodel this year? No matter what your financial goals are,
creating a budget that works for you is the most important step in achieving those goals. Different types of budget methods work for different people. Whether you like high tech software, or
prefer pen and paper, or somewhere in between, figuring out a budget method that works best
for you is an important step in keeping on top of your finances. Here are a few recommendations from US News Money.
First, Keep a Spending Journal
Your first step in budgeting is to simply jot
down what you spend in a notebook for at
least a month. After a month of tracking all
your expenses (ALL of your expenses), you’ll
have a clear picture of where your money’s
going, and you’ll have most of the key details
to plug into your “official” budget.
Dave Ramsey’s Envelopes
Finance guru Dave Ramsey swears by this
method of household budgeting. Once you
get an idea of spending habits in your journal,
label several envelopes with the spending
categories that tend to get away from you
(like food and entertainment) and fill the
envelopes with cash you’ll need for each
category for the month. The benefit is that
you aren’t using credit cards, and by spending cash, you’re much closer to your money
so you are more mindful of your purchases.
Once the cash is gone, you’re done spending
in that category for the month.
Excel and Google Spreadsheets
Microsoft’s Excel program and Google Sheets
provides several simple budget templates, and
they’re easy to use. While manually entering
budget data in spreadsheets can be tedious
for some, many experts believe the extra effort helps you have a better understanding of
your money, which makes it easier to develop
better habits.
Mint App
Mint may be the most well-known budgeting app. Once you’ve entered basic budget
information in this internet and smartphone app - such as banking, credit and
investment accounts - Mint begins automatically tracking your money. The built-in
goal-setting tools are robust and easy to
use, and since it’s owned by Intuit, your
data feeds right into TurboTax at tax time.
PearBudget
PearBudget is a Web app with a simple set
up that includes a few dozen common expense categories to choose from, and it’s all
easy to change later if you need to. Mint is a
little fancier but you do get some goal-setting and planning tools with PearBudget.
ShelbyCountyCU.com
Shelby County
Federal Credit Union
Routing Number:
284085197
BOARD OF
DIRECTORS
Lisa Wimberly, Chairman
Ray Sides, Vice Chair
David Pontius, Treasurer
Dolly Bugg, Secretary
Mary Jane Bevill, Director
Jerome Carr, Director
Teresa Mason, Director
Gordon Neighbours, Director
Bobby Simmons, Director
UPCOMING
CREDIT UNION
HOLIDAY
MLK DAY
Both branches closed
on Monday, January 18.
Sycamore View Branch will be
open on Saturday, January 16
from 9 am - 1 pm.
Sign up for convenient
online banking to bank
anytime, anywhere on
ShelbyCountyCU.com
Your savings federal insured to at least $250,000 and backed
by the full faith and credit of the United States Government
NCUA
National Credit Union Administration, a U.S. Government Agency
Overcoming Money Anxiety in Relationships
It’s a new year and a great time to take
your family’s financial planning by the
reins. However, many people find that
when it comes to talking about money and
budgeting with their partner or spouse, it
can lead to arguments, anxiety and discomfort. To build a healthy financial platform for your family, you and your partner
need to work together and overcome the
apprehension of discussing money, The
first step is to identify what is causing the
anxiety.
Pick a Family CFO
Oftentimes one of the partners is simply
not comfortable with numbers. Detailed
number crunching isn’t for everyone, so
decide which of you will be the designated
Family CFO. That person is responsible for
maintaing and reviewing the budget and
informing the other partner of the status
of the budget. Note that the Family CFO
does not solely dictate how the budget is
spent; rather, they work with their partner
to build a budget that makes sense for the
family.
Communicate
Lack of communication is probably the
biggest cause of financial anxiety between
couples. While it’s the Family CFO’s job
to manage the budget
and providng information
about budget status, it is
the responsibility of other
partner to ask questions
when they are confused
or unsure about a situation. When you communicate about money,
remember that your partner is on your team and
working with you towards
your financial goals.
Don’t accuse or get angry
if you disagree with a
financial decision; instead
discuss rationally and offer solutions.
Identify Anxiety Sources and
Deal With Them
Lacking an adequate buffer in your checking account or not having an emergency
fund can be a great source of worry and
can cause tension in your relationship.
When budget planning, make sure you
address these sources of anxiety by shifting
your spending habits to remedy these pitfalls. While you may have to make sacrafices at first, you’ll find that ridding yourself
of these concerns will be worth it in the
long run.
Schedule a Budget Date
While it certainly won’t be the most romantic date, scheduling a set day of the
month to review the budget and discuss
financial goals will ensure that you don’t
procrastinate on your budget planning.
Ensuring that your budget doesn’t get
away from you will be time well spent.
After you have finished your budget discussion, reward yourself by going out on a
real date to dinner or something fun!
Lending a Hand
to Holly Springs
Make an Appointment
for Hassle-Free Loans!
To help our neighbors in Holly Springs,
MS recover from devestating tornados
that ripped through their community
in late December, the Shelby County Federal Credit Union has donated
$250 to the Rivers of Faith Ministries
Tornado Relief Fund.
Through the end of January, make your appointment for
our popular unsecured Hassle-Free loan program! These
loans up to $1,000 can be used for student loans, unexpected emergencies, dream vacations and more! To make
your appointment, call our Sycamore View Branch Monday through Friday between 10 am – 12 noon at (901)
322-9053. No appointments will be taken via voice mail.
Mark Your Calendar
2016 Annual
Member Meeting
Downtown Main Branch
March 10, 2016 at 5:30 pm
Benjamin L. Hooks Library
3030 Poplar Avenue
For information about shared
branches, ATM locations,
online applications and
financial resources, visit
150 Washington, 3rd Floor, 222-1900
Sycamore View
1160 Sycamore View, 377-8929
ShelbyCountyCU.com