CD + IRA RATE SPECIAL: 12-month at 1.31% APY* or 6-month at 1.00% APY* $500 minimum to open / *Annual Percentage Yield

We understand—life happens and you go over your budget. Other times unforeseen circumstances may put you in a vulnerable financial situation. It’s okay. You’re not alone and it is possible to be in control again.

Be kind to yourself during these uncertain times. If your business has closed, you’ve lost your income, or you’re using your emergency funds to make it through, know that there’s always hope. It may seem insurmountable, but you’ve got this. Let’s take it one step at a time. Here’s how to go about re-setting that budget to reflect your current financial situation.

1. Re-evaluate your Finances
Really take your time here. Go through each and every expense that’s necessary for you and your family. Don’t forget those sneaky subscription renewals and infrequent purchases such as vehicle maintenance or visits to the dentist.

2. Lower Expenses
Be honest. Are you spending money on items that may not be needed? It doesn’t have to be a permanent change but pare down your budget to the absolute essentials. It may seem impossible at first, but by cutting back wherever possible you’ll notice that every penny adds up.

3. Establish Boundaries
Set clear boundaries with yourself, your spouse, and your children regarding the family budget. Let them know which expenses and purchases will be allowed during this time and what are off limits. Remind them that it may not be forever, and certain sacrifices may be necessary until the family’s finances are back in order.

4. Create Habits
Create helpful habits for your financial plan. If you’re consistent and patient with yourself, you’ll be more apt to stick with them and reap the benefits. Set up autopay to never miss payment deadlines. Check your bank accounts before you make purchases to avoid overdraft fees.

5. Determine Priorities
Consider where you want your money to go. What are your values and personal priorities and how may these be reflected in your spending? Your values and priorities may change over time and that’s totally normal. Maybe now your priority is financial survival, but down the line it may be to save for a down payment on your first home. Getting clear on your priorities will help to determine where you may need to sacrifice on spending.

Following a budget can be adaptable to life’s changes and surprises. Try to use this time as an opportunity to learn something new—about your spending habits, what you truly value, and how you want to spend your money. When you’re honest with yourself and learn from difficult experiences, you’re more likely to be nimble with your finances in the future.

If you need guidance, you can bank on us.