Creating Your First Budget

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 Creating Your First Budget

Organizing your finances as early as possible can help you begin to build wealth and avoid debt. So, you've graduated college, got the job, and now have a steady income.  Congrats! For many, setting up bank accounts, starting for retirement, and investing can seem like the most confusing thing in the world.  However, it is very important to start learning how to spend your money BEFORE you even have it.  In other words, create a budget! Don’t worry, Alpine Bank is here to help you get started.  Here are a few things to keep in mind when creating that first budget.

  1. Find out where your money is currently going. Identify your income and what you have to spend, identify what you currently spend your income on, and identify what you needto spend your income on.  This may take you a while to figure out and can get frustrating, but stick with it. Thankfully, there are many checklists out there that can help you easily organize this part of the budget.
  2. Evaluate your long-term financial goals and big purchases that are soon to come.  Retirement is huge here!  Although that is years away, the sooner you start saving the more time it has to grow.  Also, are you planning on buying a house within the next 10 years? Want a new car? This is where you can start saving and planning for big purchases and invest in your long term goals.
  3. Create an emergency fund.  An emergency fund can help cushion the blow for those unexpected events that tend to happen.  Car repairs and home repairs can be unexpected costs that an emergency fund can help cover.  An Alpine Bank representative can also help to get your emergency account set up.
  4. Stay on Track!  It will be difficult at first.  Learning to stay on a budget is hard work, but it will help you to reach your financial goals and be in control of your money.  Keep this in mind: if you do the things you need to do when you need to do them, then later you can do the things you want to do when you want to do them.

Many households in the United States spend more than they even make and create bad financial habits.  Don't let this be you!  Alpine Bank can help your manage your money by setting up the new accounts you may need.  Don’t wait any longer, stop in today!   Alpine Bank Member FDIC Equal Housing Lender

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