Financial Tools to Track & Manage Your Budget - wave3.com-Louisville News, Weather & Sports

Financial Tools to Track & Manage Your Budget

Financial Tools to Track & Manage Your Budget

Financial Tools to Track & Manage Your Budget

At times, life’s unexpected circumstances can make it difficult to make the right financial choices. At Republic Bank, we are dedicated to making your life easier and are here to provide you with financial tools to help you when decisions become difficult, and life feels anything but easy.

If you're among those who can't seem to save, it might be time to create a budget. A budget allows you to understand where your money goes and may help you free up cash for important savings goals, such as college and retirement.

Getting Started

Creating your monthly budget will take some time and work, but it will be worth it in the end. Set up a budget that fits your needs. You may choose a piece of financial planning software such as FinanceWorks (which we offer for free inside Internet Banking) or Quicken, or you may choose the paper and pencil route. The worksheet below is a simple yet inclusive budget that you can use to get started.

The first element of any budget is your income, or how much money you receive each month. This can include paychecks, legal settlements, alimony, royalties, fees, and dividends from investments that you do not reinvest. Once you know what your monthly income is, you can use a budget to make sure you don't spend more than you earn, thus helping to reduce debt and freeing up cash for savings.

Next, you need to know how you spend your money. Start by tracking your spending for a month. Gather bills and receipts, and don't forget to include trips to the coffee shop and purchases through your mobile app store. All expenses are important, big and small.

Write down your expenses and break them into categories. Using the budget worksheet as an example, we find Fixed Committed Expenses -- mortgage, loan, and insurance payments that stay the same from month to month; Other Committed Expenses -- things you can't live without, like food, utilities, and clothing; and Discretionary Expenses -- things you like but don't necessarily need.

Once you know where your money is going, you can begin to analyze your expenses and find ways to cut back. After you determine your expenses, you can decide how much you can save. Be sure to include how much you save in your overall budget.

Click here to download a sample budget.

This information is not to be used as investment advice, but for informational purposes only. Republic Bank & Trust Company prohibits the dissemination, distribution or copying of this document without the Bank’s prior written consent. Please consult your financial or tax advisor for further information. Member FDIC.

  • Republic Bank Money Matters PersonalRepublic Bank Money Matters PersonalMore>>

  • Choosing a Checking Account that Works for You

    Choosing a Checking Account that Works for You

    Choosing a Checking Account that Works for You

    Thursday, August 6 2015 1:18 PM EDT2015-08-06 17:18:30 GMT
    Monday, February 22 2016 11:59 AM EST2016-02-22 16:59:45 GMT

    Today there are more banks available to us than ever before.

    More >>

    Today there are more banks available to us than ever before.

    More >>
  • Local Banks Have More to Offer Local Customers

    Local Banks Have More to Offer Local Customers

    Local Banks Have More to Offer Local Customers

    Thursday, August 6 2015 1:21 PM EDT2015-08-06 17:21:23 GMT
    Monday, February 22 2016 11:58 AM EST2016-02-22 16:58:54 GMT

    As a resident of the Louisville region, you’re committed to the growth and vibrancy of your community. 

    More >>

    As a resident of the Louisville region, you’re committed to the growth and vibrancy of your community. 

    More >>
  • Sample Budget

    Sample Budget

    Sample Budget

    Thursday, August 6 2015 2:03 PM EDT2015-08-06 18:03:21 GMT
    Monday, February 22 2016 11:58 AM EST2016-02-22 16:58:23 GMT

    Sample BudgetSaving is easy when you learn how to track and manage your budget.  Use the sample below to help identify and manage your expenses, and prepare for your future.  Once you know where your money is going, you can begin to analyze your expenses and find ways to cut back. When you’ve reviewed your expenses, the next step is to look at how much you can begin saving, which will then be included in your overall budget.

    More >>

    Sample BudgetSaving is easy when you learn how to track and manage your budget.  Use the sample below to help identify and manage your expenses, and prepare for your future.  Once you know where your money is going, you can begin to analyze your expenses and find ways to cut back. When you’ve reviewed your expenses, the next step is to look at how much you can begin saving, which will then be included in your overall budget.

    More >>
  • Republic Bank Money Matters Savings,cds,money market accountsRepublic Bank Money Matters Savings,cds,money market accountsMore>>

  • There’s Still Time (and Money) to Start Your Savings Account

    There’s Still Time (and Money) to Start Your Savings Account

    There’s Still Time (and Money) to Start Your Savings Account

    Thursday, August 6 2015 2:59 PM EDT2015-08-06 18:59:10 GMT
    Monday, February 22 2016 12:03 PM EST2016-02-22 17:03:35 GMT

    There’s Still Time (and Money) to Start Your Savings AccountIf you often worry that you're not saving enough, you're not alone. The average American saves around 5 percent of their income, but that statistic can be misleading.

    More >>

    There’s Still Time (and Money) to Start Your Savings AccountIf you often worry that you're not saving enough, you're not alone. The average American saves around 5 percent of their income, but that statistic can be misleading.

    More >>
  • Making the Most of Your Traditional IRA

    Making the Most of Your Traditional IRA

    Making the Most of Your Traditional IRA

    Thursday, August 6 2015 2:45 PM EDT2015-08-06 18:45:55 GMT
    Monday, February 22 2016 12:03 PM EST2016-02-22 17:03:01 GMT

    Your retirement plan doesn't have to be just your 401(k) or your pension. Savvy investors can diversify their plan to save for their golden years by setting up a traditional individual retirement account (IRA).

    More >>

    Your retirement plan doesn't have to be just your 401(k) or your pension. Savvy investors can diversify their plan to save for their golden years by setting up a traditional individual retirement account (IRA).

    More >>
  • How to Find the Right Mutual Funds for You

    How to Find the Right Mutual Funds for You

    How to Find the Right Mutual Funds for You

    Thursday, August 6 2015 2:43 PM EDT2015-08-06 18:43:08 GMT
    Monday, February 22 2016 12:02 PM EST2016-02-22 17:02:29 GMT

    How to Find the Right Mutual Funds for YouA mutual fund can be a wise way to invest your savings for the long term, whether it's for your retirement or your child's college expenses. However, there are thousands of funds on the market. It's critical to find the right fund or funds so you can maximize your savings and get your ideal return on your investment.Before deciding on a plan, you need to identify your objectives and time frame.

    More >>

    How to Find the Right Mutual Funds for YouA mutual fund can be a wise way to invest your savings for the long term, whether it's for your retirement or your child's college expenses. However, there are thousands of funds on the market. It's critical to find the right fund or funds so you can maximize your savings and get your ideal return on your investment.Before deciding on a plan, you need to identify your objectives and time frame.

    More >>
  • Republic Bank Money Matters MortgagesRepublic Bank Money Matters MortgagesMore>>

  • Mortgage Loans Made Easy

    Mortgage Loans Made Easy

    Mortgage Loans Made Easy

    Thursday, August 6 2015 3:07 PM EDT2015-08-06 19:07:32 GMT
    Monday, February 22 2016 11:56 AM EST2016-02-22 16:56:30 GMT

    There are two components to your total mortgage loan: the actual dollar amount that was borrowed (the principal) and the amount of interest that you are paying the bank to borrow the money.

    More >>

    There are two components to your total mortgage loan: the actual dollar amount that was borrowed (the principal) and the amount of interest that you are paying the bank to borrow the money.

    More >>
  • What is APR?

    What is APR?

    What is APR?

    Thursday, August 6 2015 3:12 PM EDT2015-08-06 19:12:19 GMT
    Monday, February 22 2016 11:55 AM EST2016-02-22 16:55:57 GMT

    APR is short for annual percentage rate. It's a formula that considers some of the costs of acquiring a loan along with the actual rate   of the loan,  then translates those costs into the equivalent rate for a loan without those costs. It's an attempt to provide a standard for comparison.

    More >>

    APR is short for annual percentage rate. It's a formula that considers some of the costs of acquiring a loan along with the actual rate   of the loan,  then translates those costs into the equivalent rate for a loan without those costs. It's an attempt to provide a standard for comparison.

    More >>
  • Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These Tips

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These Tips

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These Tips

    Thursday, August 6 2015 3:04 PM EDT2015-08-06 19:04:32 GMT
    Monday, February 22 2016 11:55 AM EST2016-02-22 16:55:27 GMT

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These TipsThere is no such thing as free money. But refinancing your mortgage to get a lower interest rate is just about as close as you can get.

    More >>

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These TipsThere is no such thing as free money. But refinancing your mortgage to get a lower interest rate is just about as close as you can get.

    More >>
  • Republic Bank Money Matters DebtRepublic Bank Money Matters DebtMore>>

  • Tips for Keeping Teens Out of Credit Card Debt

    Tips for Keeping Teens Out of Credit Card Debt

    Tips for Keeping Teens Out of Credit Card Debt

    Thursday, August 6 2015 3:25 PM EDT2015-08-06 19:25:36 GMT
    Monday, February 22 2016 11:50 AM EST2016-02-22 16:50:22 GMT

    Tips for Keeping Teens Out of Credit Card DebtThe financial landscape can seem complicated for even the most seasoned among us, but for teens it can be particularly cumbersome.  Teens are vulnerable to nefarious activities and puzzling concepts.  These simple tips can help you to ensure your teen develops a good financial base of knowledge as he/she prepares for their future.

    More >>

    Tips for Keeping Teens Out of Credit Card DebtThe financial landscape can seem complicated for even the most seasoned among us, but for teens it can be particularly cumbersome.  Teens are vulnerable to nefarious activities and puzzling concepts.  These simple tips can help you to ensure your teen develops a good financial base of knowledge as he/she prepares for their future.

    More >>
  • When is the Best Time to Refinance?

    When is the Best Time to Refinance?

    When is the Best Time to Refinance?

    Thursday, August 6 2015 3:23 PM EDT2015-08-06 19:23:36 GMT
    Monday, February 22 2016 11:49 AM EST2016-02-22 16:49:39 GMT

    When is the Best Time to Refinance? Interest rates on mortgage loans are still at historically low levels and are even lower today than they were a year ago on longer-term loans, according to Freddie Mac.

    More >>

    When is the Best Time to Refinance? Interest rates on mortgage loans are still at historically low levels and are even lower today than they were a year ago on longer-term loans, according to Freddie Mac.

    More >>
  • 6 Ways to Dig Out of Debt

    6 Ways to Dig Out of Debt

    6 Ways to Dig Out of Debt

    Thursday, August 6 2015 3:14 PM EDT2015-08-06 19:14:28 GMT
    Monday, February 22 2016 11:49 AM EST2016-02-22 16:49:06 GMT

    With lenders tightening the reins on borrowers and prices for everything from materials to health care on the rise, many small-business owners are straining under the weight of growing debt.

    More >>

    With lenders tightening the reins on borrowers and prices for everything from materials to health care on the rise, many small-business owners are straining under the weight of growing debt.

    More >>
Powered by Frankly