A budget helps you decide what your money needs to do before the month begins. Prioritizing your most important expenses first helps cover the essentials, make progress toward your goals, and avoid spending in less important areas before your needs are met.
With your SmartDollar benefit, you have access to EveryDollar, a budgeting app that helps you create a monthly budget, organize your spending, and adjust your plan as life changes.
What to prioritize first
When building your EveryDollar budget, start with the essentials:
- Food
- Utilities
- Shelter
- Transportation
After those are covered, budget for other important expenses, such as:
- Insurance
- Minimum debt payments
- Childcare
- Required work expenses
Add your money goals
Once your basic needs and required expenses are covered, decide what goal needs your focus next.
That may include:
- Saving for an emergency fund
- Paying off debt
- Building up a sinking fund
- Giving
- Saving for a larger purchase
Choose the next right step for your situation and assign money to it on purpose.
Look for lower-priority categories
If your EveryDollar budget feels tight, look at flexible categories where you can make changes. This could include eating out, entertainment, shopping, subscriptions, or other nonessential spending.
Cutting back in one area can help you protect the priorities that matter most.
Adjust as needed
Your EveryDollar budget is a plan, but it may need to change during the month. If something comes up, move money from a lower-priority category before pulling from essentials or important goals.
Use EveryDollar to build your budget
Your SmartDollar benefit includes access to EveryDollar, making it easy to put your budget into action.
With EveryDollar, you can:
- Create a monthly budget before the month begins.
- Give every dollar a job.
- Organize your income and expenses into budget categories.
- Adjust your budget whenever your plans change.
- Stay focused on the financial goals that matter most to you.
Building a budget each month helps you make intentional decisions with your money and stay on track toward your goals.
Need more help?
The team is happy to help. Submit a request here.