Budgeting 101

Getting your finances in order can help you build wealth, avoid debt and gain confidence with your finances.

Getting your finances in order can help you build wealth, avoid debt and gain confidence with your banking habits.


You may have been told to start getting your finances in order, but you aren’t quite sure where to start.  You may have also been told to start creating and following a budget.  Creating a budget can be a difficult and frustrating task, but First Security State Bank is here to help!

Here are a few things to keep in mind when creating your first budget.

  1. Create an emergency fund.  Uh oh! Your car broke down, now what?  This is where your emergency fund can help.  Set a small amount aside in a savings account or money market that you can use to help cushion the blow when unexpected events come along.  It may not seem like an exciting way to save, but when the time comes you’ll be thankful you did!
  2. Map out where your money is currently going. Identify your income and what you have to spend, identify what you currently spend your income on and what you need to spend your income on.  This may take you a while to figure out and can get frustrating, but stick with it. Thankfully, there are many checklists out there that can help you easily organize this part of the budget.
  3. Plan for both the long-term and short-term future. An example of planning for the long term future would be planning for retirement.  Although retirement is years away, the sooner you start saving the more time it has to grow.  Setting aside for those student loans that will kick in soon or for that new car you want to buy are both short term finances that you can also start to plan for.
  4. Stick with it!  Learning to stay on a budget is hard work, but it will help you to take control of your money so that you can begin to build wealth.  Keep this in mind: if you do the things you need to do when you need to do them, then later you can do the things you want to do when you want to do them.

Whether you are just getting started with your own finances or you are in need of a financial over haul, a budget is a great place to start.  First Security State Bank can help you by setting up any new accounts you may need and providing services you may need.  Don’t wait any longer, stop in today!

First Security State Bank

Member FDIC

Equal Housing Lender