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Money management can be one of the biggest sources of anxiety for many U.S. adults, with 57% feeling stress about not having enough to pay for things in the present—and 43% feeling stress about saving enough for the future.
While most people have a desire to take control of their finances, they need a place to start. Here are four tips that can help you create a monthly budget—and stick to it for the long term.
Before you can create a monthly budget planner, you need to know your financial baseline. Take stock of the pay you actually receive—subtracting 401(k) contributions, health insurance premiums, taxes and any other payroll deductions.
If you’re paid a salary, your take-home income is easy to track. However, if your pay depends on unpredictable variables like hourly wages or commission, look at past pay statements and determine a reasonable average monthly income. Err on the side of expecting lower paychecks and take unusually high amounts out of the equation.
Most spending can fall into three buckets:
While there are many schools of thought on how to budget, one of the most popular—and simple—is the 50/30/20 budget. Here’s how it works:
If you need to tweak how you break up your spending, take from wants first, so that your needs and savings or debt repayment don’t suffer.
Raising your credit score can save you serious money on interest rates. Do you know which financial decisions can improve your score?
Read moreIf you’re having trouble creating a monthly budget that fits your income, there may be ways to save on your expenses. Shop around to see if there are better rates for things like auto insurance or cellphone service. Or you may need to stop eating out and cook at home more. And here’s a tip: AAA Members can also take advantage of exclusive discounts on things they use every day.
The most difficult part of any monthly budget is sticking to it, and bad spending habits can be hard to break. Persistence and discipline are key, especially when you’re first starting out.
Popular free apps like Mint and PocketGuard can help you track what you’ve spent so you can stay in control. (Here’s a list of other well-ranked budget apps.)
Perhaps your grocery bills are lower than you expected. Or you’re driving more than you thought you would (and gas prices are so high). Maybe you got a nice raise at work. Whatever the reason, it’s likely your budgeting needs will fluctuate over time.
Revisit your budget when your income or regular expenses change to ensure that you’re allocating the right amount in the right places. Make adjustments with your financial goals in mind—and avoid making your budget what you wish it could be rather than what it needs to be.
AAA Banking can help you get more from every dollar with great rates on financing and accounts that earn you interest.
This information is being provided for general informational purposes only. The Auto Club Group does not assume any liability in connection with providing this information.
Annual Percentage Rate (APR)
We may change APRs, fees, and other Account terms in the future based on your experience with ACG Card Services and its affiliates as provided under the Cardmember Agreement and applicable law.
1Cash back can be redeemed in the form of a statement credit or ACH deposit ($25 cash back minimum redemption). Cash back is not earned on business related transactions or activities. You may not redeem cash back, and you will immediately lose all of your cash back, if your account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Cash back will expire at 11:00 p.m. Central Time on the last day of the calendar quarter that is five (5) years from the date on which they are earned. Account must be open and in good standing to earn and redeem rewards and benefits. Upon approval, please refer to your Cardmember Agreement for additional information. Cash back is earned on eligible net purchases. Net purchases are purchases minus credits and returns. Not all transactions are eligible to earn cash back, such as Advances, Balance Transfers, and Convenience Checks and other advance transactions as defined in the Cardmember Agreement, as well as interest charges and fees do not qualify. U.S. Bank cannot control how merchants classify their business or transactions and reserves the right to determine which Purchases will qualify in which category. Earn 2% per dollar for qualifying net purchases made with the card through any participating AAA Club when AAA is the merchant of record, on qualifying net insurance purchases (MCC = 6300) and at eligible retail travel merchants. AAA Clubs located in Northern California, Nevada and Utah are not participating AAA Clubs and purchases made at those clubs will not qualify for 2%. Earn 4% per dollar for qualifying net purchases on AAA purchases, travel and insurance for your first 6 months up to $6,000. After that, earn cash back in the standard 2% category. Foreign Transaction Fee: None.
2 Benefits are subject to terms, conditions, and limitations on the amount of coverage. Travel and Emergency Assistance Services help in coordinating medical, legal and travel services while away from home. Rental Collision Damage Waiver coverage and peace of mind for damage due to collision or theft of most rental cars. Certain terms and conditions apply. Please refer to your Visa Guide to Benefits for details
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This card is issued by U.S. Bank NA dba ACG Card Services, pursuant to a license from Visa USA Inc. Equal Credit Opportunity Lender
*Annual Percentage Yield (APY) is valid as of 11/26/2024. Personal accounts only. Rates are variable and may change without prior notice. $100 minimum balance to open and avoid fees. Fees may reduce earnings. $250,000 maximum opening deposit when account is opened online. After online opening deposit is verified, you may deposit additional funds to your account. $500,000 maximum balance. Auto Club Trust, FSB.
**Annual Percentage Yield (APY) is accurate as of 11/26/2024. Rates are variable and may change without prior notice. Interest rates are fixed until initial maturity after the account is opened. A $1,500 minimum deposit to open the account and obtain the APY is required. A penalty may be imposed for early withdrawal. Fees may reduce earnings. Personal accounts only.
†Annual Percentage Rate (APR). Rates and terms effective as of 10/11/2024. APR is accurate as of 10/11/2024. Advertised rates and terms are subject to change without prior notice. Additional terms and restrictions may apply. Other loan rates available. Subject to borrower qualification. Advertised rate includes a 0.25% discount when you set up automatic payments from any checking or savings account. Rate is variable. Offer valid on personal vehicle loans only. Criteria to receive the stated APR: Loan term 48 months or less new or used, model year 2018 – 2024 with a credit score of 720 or higher based on the Vantage scoring model. Buyer is responsible for all state or local fees. Auto Club Trust, FSB uses a managed credit program and final APR is dependent on your credit score. An auto loan with an APR of 5.49% for a $20,000 loan at a term of 48 months, your estimated monthly payment would be $465. An auto loan with an APR of 5.74% for a $20,000 loan at a term of 48 months, your estimated payment would be $467. Private party sales will not be financed.
††Terms and Conditions apply. Offer valid for loans on vehicles purchased through the AAA Auto Buying Program from a TrueCar, Inc. (TrueCar) Certified Dealer; and approved and funded by Auto Club Trust, FSB. Applicant must submit the Member Price Summary provided by TrueCar during the application process. Must be an active AAA member to receive the additional TrueCar discounted rate. Loans offered by Auto Club Trust, FSB. Equal Opportunity Lender.
Member Savings currently not available in all states. In these states a "Target Price" is presented, which reflects a market-based example of what you can reasonably expect to pay for a vehicle configured with your desired options. Your configured vehicle may not be available or in-stock at the Certified Dealer.
TrueCar operates this information website ("Service") featuring pricing, performance, technical, and safety data available for new and used vehicles. The Service is not available in all locations.
Products are offered by Auto Club Trust, FSB. Equal Credit Opportunity Lender.
Mortgages originated by Auto Club Trust, FSB. Equal Housing Lender. NMLS# 799629
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