TOWNSHIP OF WASHINGTON, N.J. -- Setting a budget and sticking to it doesn't have to be a frightening experience.
"Although most people find the topic of money and finance uncomfortable, with a little bit of planning and expert help, you can control exactly where your money goes," said Carmela Pascarella, branch manager of the Washington Township branch of Oritani Bank. "Instead of avoiding bank statements and wondering if you have enough money to cover each purchase, setting an accurate budget can help you determine when and where to spend your money."
To help simplify spending -- and savings -- Pascarella recommended following these simple steps to establish a budget.
Avoid the credit card -- Nothing can wreck a budget faster than spending excessively on a credit card. Instead of immediately hitting accounts like when paying with cash or debit, credit cards often save their pain for a later bill. Avoid falling into the trap and use debit or cash as much as possible.
Plan your meals -- Eating out is fun, but it can add up quickly. Instead of going out for lunch each day, consider grocery shopping in advance and planning out your week's meals. This way, when you do eat out, your bank account will thank you -- and it's truly a special experience.
Use an autosave application -- Using mobile banking tools, set aside a portion of each paycheck to an independent savings account each pay period. Earmarking this money for something like a new car, a vacation or just a rainy day can help keep you from breaking the piggy bank for a non-essential payment.
Be realistic -- It's important for savers to realize their current spending needs. If you love to go out to eat but don't often shop for clothes, setting aside $150 per month towards each activity may not make the most sense. Instead, allocate funds where you know you'll spend and budget less towards other discretionary areas.
"Staying in control of your finances not only saves money, it allows you to have a better peace of mind," said Pascarella. Thankfully for savers in Bergen County, Oritani Bank offers a variety of ways to help keep budgets under control. From mobile banking to extraordinary personalized service, Oritani can help.
For more information on how to save, click here.