Financial Literacy Month: Simplify Your Budget and Prepare for Emergencies

Apr 24, 2024 | Core Bank, Personal

Building your financial knowledge is the key to financial success. Make a commitment to learn more about personal finances during Financial Literacy Month in April.

Tweaking Your Budget

Feeling overwhelmed by your household budget? Saving money doesn’t have to mean sacrificing everything you enjoy. In fact, with a few clever tweaks, you can free up cash without feeling deprived. Let us help you make it less daunting with the 50/30/20 method:

  • Spend 50% on needs. Think mortgage, groceries, and utilities—essentials to keep your home running smoothly.
  • Allocate 30% for wants. Treat yourself guilt-free. Whether it’s dining out or movie night, this is your chance to enjoy the little luxuries.
  • Set aside 20% for savings. Invest in your future—be it retirement, savings, or debt repayment. It’s your ticket to financial peace of mind.

Making mistakes with money means you are human. Ready to take control of your finances? Give the 50/30/20 method a try! You can open a new account online quickly and simply today.

Growing Your Emergency Fund

Life can throw curveballs, but having an emergency fund can help you navigate them with confidence. Being prepared for the unexpected can provide peace of mind and financial stability. Here is how to build a robust emergency fund:

  • Calculate your monthly expenses, including bills, groceries, and other essentials. When you go to the store make a list of only the things you need. On top of that, take only enough cash with you to buy what you need.
  • Aim to save enough to cover 3 to 6 months’ worth of expenses. Start small if needed but make consistent contributions.
  • Keep your emergency fund separate from your regular savings in a high-yield savings account or a money market account for easy access.
  • Set up automatic transfers from your checking account to your emergency fund to ensure consistency.
  • Regularly review your funds and adjust your savings goal as needed based on your circumstances.

Start building your emergency fund today—your future self will thank you!

You can also use Core Bank’s free Personal Finance Management Tool, a digital money management resource integrated into online banking and our mobile app, helping you stay on top of your finances by aggregating all of your accounts in one place. With customized budgeting features, smart expense tracking, and mobile access, you can manage your finances easily and securely from anywhere. #FinancialLiteracyMonth #SavingsTips