Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Consumer
Financial crisis Back to the basics of personal budgeting
MADISON, Wis. (10/15/08)--As stock market swings rattle nerves and grocery prices pinch pocketbooks, more people are realizing the importance of going back to the basics: they’re developing a budget. Stressed-out consumers who bought too much too fast during “good times” are now being forced to tighten their belts and manage their money (Reuters.com Oct. 9). “Given what’s happening lately, budgeting soon may be in vogue,” says Susan Tiffany, Credit Union National Association’s (CUNA) director of personal financial information for adults, Madison, Wis. She says respondents to the 2008 Financial Fitness Challenge on CUNA’s Home & Family Finance Resource Center are showing high interest in trimming expenses for food and energy—whether to run cars, furnaces, or refrigerators. “They’re sharing ways to save money systematically instead of erratically.” The steps to develop a budget—or blueprint for your day-to-day personal finances—include listing all your income and expenses, figuring out where your money goes, balancing income and expenses, and then managing whatever system you choose—checkbook ledger, receipt method, envelope method, account book, or computer program. A successful spending plan helps you:
* Stay on track financially; * Decide where your money goes; * Make informed choices; * Determine whether you’re living within your means; * Develop a savings plan; and * Control your financial future.
Tiffany recommends that beginners allow for flexibility. “Make adjustments as you go along, and let all family members participate in the discussion about what to keep and what to cut out. Be ready to compromise and negotiate because, in the end, it’s all about reducing stress and getting back to what’s most important.” For more information, read, “Half of Workers on Paycheck to Paycheck Treadmill,” in Home & Family Resource Center.
Other Resources

RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago
150x172_Sign up for election newsUnite for Good Share your Stories100 Million CU Memberships