Help Your Members Start Budgeting


Budgeting is one of the first steps people can make toward achieving their financial goals - but it can be difficult to know how to get started. Help your members start budgeting by giving them the tools they need to master the basics, in just a few simple steps.

Track Monthly Expenses
To start budgeting, the first thing members need (after income!) is an inventory of all their monthly expenses. Some expenses are easy to predict, including recurring bills such as insurance and internet. Others may change from month-to-month, like utilities or backup child care. The digital education course provides a framework to help members understand how to track all types of expenses.

Understand Spending Trends
Along with bills and other important expenses, members’ budgets will also include additional discretionary spending on a variety of items. They can use records of past spending, such as receipts or bank statements, to help determine how much they generally spend in each category. They may also need to take into account trends that may affect their average spending, such as summer vacations or holiday spending. The course provides insights on how they can maintain their financial needs, and find opportunities to reduce costs.

Adjust Spending to Start Budgeting
When using the interactive budgeting tool, members may notice an area where they can reduce their monthly costs, by eliminating an expense or introducing an alternative. They may even plan to divert that money to savings or to an investment account, like a certificate of deposit.

Each members’ budget will be different, but they will be ready to put it into practice! Now all they have to do it adjust their spending going forward, to be in line with their budget.

The best thing about a budget is that it isn’t set in stone. Many members will return to the budgeting tool often to make minor adjustments as things change. It’s a great resource that we can provide to support them throughout their financial journey.

See for yourself how EVERFI's education technology can support your members through on their journey to financial success. To learn more about bringing financial education to your credit union, visit

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