Budgeting & Debt
While budgeting might not be on top of your “fun things to do on the weekend” list, it can help you afford to do those fun things, buy a car, or save more for retirement. Making a plan for your saving and spending empowers you to have more control over where your money goes.
BUDGETING
Budgeting can seem like an overwhelming task, but it can be as simple as making a list of money in vs. money out.
Budgeting Fundamentals
Expense Breakdown
Consider this breakdown to help you create your budget:
- Essential Expenses: 50%
- Discretionary Expenses: 30%
- Short and Long Term savings: 5%
- Retirement Savings: 15%
Budget Check-Up
Take a quick budget check-up to see how your actual savings and spending habits compare with Fidelity’s guidelines and learn how you can improve your budget.
VIDEO:
To learn more about how to effectively plan your spending, watch the Create a Spending Plan video.
MANAGING DEBT
Many people are managing different types of debt while working to build up savings for long and short term goals. It can be challenging to know what to focus on. Review some fundamentals and key topics on managing debt—while continuing to keep your goals in mind.
Paying Down Debt
Where to start and how to balance money in and out.
Tackling Student Loan Debt
How to handle student loans should be part of your financial plan—learn more.
Consider contacting a financial advisor for more help with your personal financial questions and goals!
USE THE BUDGETING TOOL
Log on to www.netbenefits.com to take Fidelity’s budgeting tool and explore other budgeting tools and calculators.