The pros and cons of digital-first credit unions are worth considering
SAN DIEGO Calif., Dec. 21, 2022 /PRNewswire–PRWeb/ Despite being infected by inflation, even the most budget-conscious people have decided to adjust their spending habits to offset rising costs for everything. This includes rent, fuel, food, and travel. The good news is that establishing a budget will make a big difference long after inflation is gone.
According to one popular resolution for the New Year, “Getting your finances in order is key to a successful year. Margarita GuerraBluPeak Credit Union Senior Vice President, Chief Financial Officer. A basic budget plan is an excellent first step towards financial wellness. BluPeak has many simple-to-use tools and resources that will help you keep track of your finances.
What’s the best way for you to create a personal budget?
Many people find online the best option. But tons of options exist, so we break it down here, sharing some of the most popular online personal budgeting tools—along with tips on how to start your own personal budget.
How to create a personal budget
Online-budgeting tools can be very useful in identifying and categorizing your income and expenses. The basic principles of personal spending management aren’t new, but they don’t require any new technology.
A budget is simply a spending- and savings plan. You list all your income sources on one side and all your discretionary and essential expenses on the other. Budgeting is essential for setting aside money each month to fund financial goals such as building an emergency fund or paying off credit card debt, buying cars, and saving for retirement.
If you add up the money you earn and the money you spend, there will be some money at the end of each month to go towards your larger financial goals. If not, or if there’s not enough to reach the financial goals you’ve set, a personal budget – call it a spending plan – is a crucial tool for getting ahead.
The Best Tools for Personal Budgeting
BluPeak’s Money Management can be accessed online or via mobile. It’d be a disservice to you not to start. To get a complete view of your finances, you can set a budget and track your spending. It’s very easy to use, and even more convenient if you already use one of our digital options to manage your day-to-day banking and bill payments. There won’t be any third-party advertisements trying to sell your stuff. And if you decide not to continue, there won’t be any sharing of your private financial information.
Around since 2006, Mint® was purchased by the financial-software giant Intuit® in 2009 and claims over 30 million users. Mint is the best choice if your looking for the most popular. Mint is completely free. But you will need to navigate through the ads and offers of Mint’s partner companies, which may or not be good deals. Mint has many positives and is an excellent all-around option that’s simple to use. Mint was the first app to allow users to connect all their accounts and track their spending. It also offers a robust suite of tools, calculators and tips, along with a bill negotiator called Billshark® that aims to lower your payments on phone, cable and a handful of other services. Notice: Billshark takes a significant cut of any savings it identifies on your behalf.
GoodbudgetTM is a niche that allows couples and families to share a budget and financial plan. You create a budget together by separating your monthly income into virtual envelopes in the app and linking your financial accounts. Both you and your partner can spend from the budget-category envelopes. You should stop each spending category when there is nothing in the envelope. This can be very useful in keeping couples on the right financial path and preventing overspending. However, Goodbudget’s envelope-style system does not use actual cash so it cannot prevent overspending. A stripped-down version is available for free. You can then upgrade to the full version. $8 per month (or $70 If you like it, get a yearlong version.
YNAB®, a.k.a. You Need a Budget®, is a different type of personal-budgeting tool. While many other budgeting tools are simple and straightforward, YNAB is more demanding. It requires that users completely reorient their approach to budgeting. Basically, it asks you to give each dollar you earn a “job” at the beginning of the month – and then seeks to hold you to it – so you don’t overspend. The app has some huge fans—the term “life-changing” has been thrown around. The approach is not ideal if you aren’t able to dedicate a lot of time to the YNAB process. You’ll also have to pay after your 34-day trial. $14.99 A month or more $99 for the annual plan—not a tiny amount, so you’ll want to be sure it fits your lifestyle. YNAB may be difficult to implement if you are a gig worker or have a fluctuating income.
PocketGuardTM works in the same way as YNAB. It provides real-time financial tracking and tips to help you avoid spending too much. PocketGuard, unlike YNAB offers a free version. However, it doesn’t have access to premium features, such as the ability create your own spending categories. PocketGuard PlusTM is currently free, but there aren’t any clear terms. This will hopefully be rectified soon. It appears that it is currently $7.99 A month or more $79.99 For the annual plan, please click here $99 For a lifetime membership
BluPeak Credit Union
BluPeak Credit Union was established in 1936. It empowers its almost 60,000 members with a full range financial products and services. These include checking and saving options, credit cards and loans. BluPeak offers more than just checking and savings options. $1.2 billion Members and assets can be accessed through six California branches. There are nearly 30,000 ATMs that don’t charge a surcharge nationwide. They also have 24/7 online and mobile banking.
BluPeak membership is available to all Californians who reside, work, or worship in California Alameda, Sacramento, San Diego, Santa Clara And Yolo County governments as well as state employees CaliforniaAnd California Students and university employees. Formerly known as University & State Employees Credit Union (USECU), we changed our name to BluPeak in 2022. Our new name is BluPeak. California roots, which is more inclusive in our field of membership and better communicates our passion for going above the rest in our relationships with our members.
BluPeak, a community leader, partners with local events, causes, and organizations that demonstrate our commitment towards health, wellness, and inclusion. BluPeak.com has more information.
Kyle ReuterBluPeak Credit Union (310) 936-5566 [email protected]
SOURCE BluPeak Credit Union