Smart Budgeting Starts Here: A Simple Guide to Managing Your Money
Whether you’re saving for your first home, planning a family, or just trying to make your paycheck stretch a little further, a solid budget is the foundation for financial confidence. At Savings Bank of Walpole (SBW), we’re here to help you take control of your money—without the stress.
What is a Budget—and Why Does It Matter?
A budget is more than just numbers on a spreadsheet. It’s a tool that helps you:
- Track how much you earn and spend
- Make progress toward your financial goals
- Avoid unnecessary debt
- Plan for emergencies and life’s surprises
Think of it as your personal roadmap to financial peace of mind.
Simple Steps to Build a Budget That Works
- Know Your Income
Start with your total monthly after-tax income. Include wages, side income, freelance work, or regular financial support. - List Your Expenses
Break down your monthly spending into categories:
– Fixed: rent/mortgage, car payments, insurance
– Variable: groceries, gas, entertainment
– Occasional: gifts, home repairs, travel - Set Goals
Whether it’s building an emergency fund, paying off student loans, or saving for a down payment—clear goals help you stay motivated.
Check out our SBW GOALS* savings feature in online banking. - Track Your Spending
Use budgeting apps, spreadsheets, or a simple notebook. What matters most is consistency.
We offer Personal Financial Management tools within Online Banking to make this easy. - Adjust as Needed
Life changes. So should your budget. Revisit it monthly and adjust based on your needs and priorities.
Budgeting Tips
- Follow the 50/30/20 Rule: Spend 50% of your income on needs, 30% on wants, and save or pay off debt with the remaining 20%.
- Automate Your Savings: Set up automatic transfers to savings accounts—out of sight, out of mind.
- Review Your Bank Statements: Get familiar with your spending patterns. Sign up for eStatements to get tailored, simple monthly statements.
- Start Small: Even $25 a week can grow over time. The key is building the habit.
Budgeting Calculators
More Budgeting Resources
Savings Bank of Walpole Partners with Banzai to bring you financial literacy tools. Check out their quizzes and articles:
Learning to Budget
Budgeting isn’t about restriction, it’s about prioritizing. The best way to avoid financial strain is to know where your money is going and plan ahead!
50/30/20 Rule
The 50/30/20 rule is a simple, practical rule of thumb for individuals who want a budget that’s easy and effective. It offers guidelines for enjoying your income while putting savings on autopilot.
Planning For Expenses
Managing your money requires figuring out how much money you have coming in, and how you spend that money going out. You can compare your income with your expenses and make a plan on how to spend in the future. This plan is called a budget.
Budgeting
A practical, workable budget is one of the most crucial tools in your financial wellness arsenal.
The Upside of Frugality
Frugal living discussions often talk about pinching pennies or “stretching a dollar.” A penny saved is a penny earned, or so the saying goes, but is that actually the case?
Quality vs Cost
Do I go for the “nicer,” more expensive option or choose the cheaper one to save some money? At the end of the day, what you’re really debating is quality vs cost.
Envelope Budgeting [Cash vs. Digital]
The traditional envelope budgeting system uses a budget binder or a box with envelopes to store paper bills. Each envelope is designated for a specific expense or savings goal—rent, entertainment, vacation, bills, etc.
8 Tips to Reduce Your Food Bill
Buying food is essential, but if you’re not careful, it can also eat into your budget. If you’ve been wondering how to reduce your food bill, consider these 8 strategies.
College Budget Breakdown
Most people ask, “How much does college cost?”—that’s the first mistake. It’s not to say this question isn’t answerable, but grouping college into one huge expense can be a little deceiving.
Need Help with Building a Budget?
Budgeting doesn’t have to be complicated—and you don’t have to do it alone. Our team is happy to help you build a plan that fits your lifestyle and goals.
If you have any questions, please give us a call at (603) 352-1822 or (877) WALPOLE.
*The SBW GOALS savings feature is for SBW online and mobile banking customers only and is user-specific and cannot have joint access. Only the user that establishes the SBW GOALS feature will be able to view the history and any related savings progress and statements. SBW GOALS can be modified or canceled at any time by user.