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.