Taking care of your money is important, especially during recovery. It might feel like a big task, but don’t worry—you can take it one step at a time. Managing bills, paying off debt, and saving for the future are key to building stability.
Here’s a simple guide to help you get started.
See Where You Stand
Before making a plan, take a good look at your money situation. Write down three things:
What you own: This is your income, savings, or anything of value, like a car or a house.
What you owe: List your debts, like credit cards, loans, or other payments.
Your monthly bills: Write down regular expenses like rent, groceries, or utilities.
Knowing where you are can help you figure out your next steps.
Set Goals
Think about what’s most important for you right now. Goals might include:
Starting an emergency fund: Try saving a little each week to build up $500 or more for unexpected costs.
Paying bills on time: Mark due dates on a calendar so you don’t forget. Start by paying the minimum on each bill, and pay extra when you can.
Reducing debt: Focus on one debt at a time. For example, you might decide to pay $100 per month on a $600 credit card bill.
Small, clear goals can help you stay focused.
Make a Plan
Turn your goals into simple steps. Set dates and amounts to stay on track. For example:
Save $20 every week until you reach $500 in savings.
Pay off one small debt before moving to the next.
You don’t have to do everything at once. One step at a time is enough.
Create a Budget
A budget is like a plan for your money. It shows what you earn and how you spend. Here’s how to start:
Track your spending: Look at your bank statements to see where your money goes.
Separate needs from wants: Focus on things you must have, like food and rent. See where you can cut back, like streaming services or dining out.
Adjust as needed: Use your budget for a while, and make changes if something isn’t working.
At Town & Country Federal Credit Union, we believe everyone deserves a fresh start. If you’d like help creating a money plan or have questions, reach out to us at [email protected] or call 800-649-3495.
Taking control of your money may feel challenging, but you’re not alone. Every small step brings you closer to the future you deserve.
