{"id":2741,"date":"2011-09-23T17:19:34","date_gmt":"2011-09-23T17:19:34","guid":{"rendered":"https:\/\/stpaulfcu.orgfirst-budget\/"},"modified":"2025-08-19T13:42:03","modified_gmt":"2025-08-19T18:42:03","slug":"first-budget","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/first-budget\/","title":{"rendered":"Build Your First Budget"},"content":{"rendered":"\n
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Step-by-Step Budget-Building Tips<\/h2>\n\n\n\n
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Open a Savings Account<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n

Congratulations! You\u2019ve got your first place, a new job, and money coming in each month. There\u2019s only one problem: It\u2019s never quite as much money as you\u2019d like, is it? Managing your own income and finances for the first time can seem overwhelming, but it\u2019s essential to get off to a smart start. Building your first budget may seem overwhelming before you start. But creating a \u201cplan to spend\u201d instead of spending without thinking is the key to long-term happiness and short-term calm.<\/p>\n\n\n\n

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<\/span><\/div>\n\n\n\n

List your income from all sources<\/p>\n<\/div>\n\n\n\n

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<\/span><\/div>\n\n\n\n

Record your monthly and yearly expenditures, starting with your biggest items, like rent, student loan payments, and car payments<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Identify Needs Versus Wants<\/h2>\n\n\n\n
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Get a Budget Worksheet<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n

Be honest with yourself about the difference between needs and wants, and categorize them appropriately by listing your needs first when you budget. U.S. Senator Elizabeth Warren, a former White House adviser and co-author of \u201cAll Your Worth”, advocates a 50-20-30 strategy to allocate income. Put 50% toward needs such as rent and transportation, 20% to savings for retirement and emergencies, and use 30% wants such as travel and entertainment.<\/p>\n\n\n\n

Keep It Simple<\/h2>\n\n\n\n

Using resources like Quicken\u00ae<\/a> or a spreadsheet can be helpful but they aren\u2019t necessary. It\u2019s more important to keep the budget simple, to be realistic, and to adjust it regularly as needed. Allow for budget busters like car maintenance and fees that only need to be paid yearly instead of monthly.<\/p>\n\n\n\n

Give your budget time to work. You might find it difficult to meet your saving goals immediately but, over time, you\u2019ll make progress as you continue to track income and spending.<\/p>\n\n\n\n

Focus Forward<\/h2>\n\n\n\n

Finally, keep your bigger financial goals in mind as you work to stick to your budget each month.<\/p>\n\n\n\n

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Open A Savings Account<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Step-by-Step Budget-Building Tips Congratulations! You\u2019ve got your first place, a new job, and money coming in each month. There\u2019s only one problem: It\u2019s never quite as much money as you\u2019d like, is it? Managing your own income and finances for the first time can seem overwhelming, but it\u2019s essential to get off to a smart […]<\/p>\n","protected":false},"featured_media":2739,"template":"","education-category":[194],"class_list":["post-2741","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"\nBuild Your First Budget - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"Congratulations! You\u2019ve got your first place, a new job, and money coming in each month. 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