Start budgeting for your future

To jumpstart your budget, follow these steps:

  1. Make a list of your monthly income and expenses using our budget worksheet. Put each dollar into a category, like housing, food, savings and entertainment.
  2. Look at how your spending compares to the goal: 50% for “needs,” 30% for “wants” and 20% for “savings” (see chart). That’s the target experts recommend.
  3. To reach the savings goal, assign money to savings and use what’s left for wants. Consider setting up automatic contributions or deposits to stay on track.
  4. Review your budget each month. Adjust it as needed to handle changing expenses and priorities.
Pie chart depicting 50% of budget going to Needs, 20% to Savings and 30% to Wants

Other tips for managing your budget:

  • Use apps and tools in your financial accounts to set and reach goals
  • Try to only make purchases that you have money available to cover
  • If you use credit cards, pay them off each month to avoid interest charges
  • Focus on eliminating debt to save money long-term and make room in your future budget

Take the next step

As part of your savings, consider contributing more to your retirement account. Even small increases can make a big difference. They may not affect your paycheck as much as you think. Use our Paycheck Impact Calculator to see how contributions may impact your take-home pay.

Are you ready to invest in your future by putting more into your retirement account?
Log in today to increase your contributions.

[1] Data source: