It’s Your Money – Own It!
If you’ve watched local TV in our area you’ve seen the Summit Credit Union commercials that end with the tag line, “It’s Your Money, Own it.” What does this even mean? Twice a month we receive paychecks, deposit them in the bank, and then the next thing we know – they are gone and we patiently wait for the next one, and the next, and the next. At the end of the month, where did our money go? Do we know where it all went? Do we tell each dollar where to go…or did some of it magically disappear from swipe after swipe after swipe?
We have been married almost 25 years, and still never seem to get ahead financially. We’ve tried the envelope system and even allocated one as “spending” money, but would end up somehow using the debit card anyway and still blow the budget. With our son going to college in the fall and our daughter just two years behind, we can’t afford to not truly “own” our finances. We hope that through this season of Project Money, along with the help of our financial coach, Jamie, we will develop better financial habits that will project us towards a better financial future.
The first thing we are tackling is our budget. This sounds like a very simple task, but, if you truly set up a budget it takes time. The good news is, Summit Credit Union has made it super easy to follow with, Summit's Climbr, their online budget system. Once we completed the set up and added all of our accounts including our 401(k), credit cards, and any other outside accounts, we can literally see where every dollar goes and set budget alerts to put stops on some of the variable expenses each month like groceries and eating out. We receive emails that alert us that we only have $42 left this month for eating out. It’s basically an online accountability partner!
If any of this sounds familiar, please come along with us during this journey. We would love to hear tips and tricks on how to save money each month!