Budgeting is personal, and there is no one-size-fits-all plan. Build one that fits your life and goals, and keep it simple enough to stick with. Many people use color coding and clear categories to track expenses.
Your budget should include regular income and expenses, but not overtime. Overtime can change or disappear, so it is better used for savings like an emergency fund or large expenses. There are also new IRS considerations related to Overtime and Tips that may affect your planning.
If your income varies, create multiple budget scenarios for high, average, and low income periods. Save more during strong months to cover slower ones.
Key Areas to Plan For
- Emergency fund (3 months of expenses)
- Vehicle repairs and maintenance
- Home repairs and rising housing costs
- Increases in rent, taxes, or insurance
A strong budget prepares you for both expected and unexpected expenses.
For help creating a personalized budget or financial plan, contact Lori Mann, Personal Financial Counselor at Summit County Veterans Service Commission at 330-564-8030. Provided at no cost to Veterans.
