1st and will run through April 30th, 2023.
The Partnership
The partnership between Bonner Community Food Bank and WaFd Bank is a unique and innovative approach to addressing financial insecurity in the community. By combining the expertise of a financial institution with the resources of a food bank, the two organizations are able to provide comprehensive support to individuals and families in need.
Key Benefits
The Sessions
The free financial literacy sessions will be held bi-weekly, starting on February 1st and running through April 30th, 2023.
Take control of your finances with a realistic budget plan.
Budgeting 101: Taking Control of Your Finances
When it comes to managing your finances, budgeting is often the first step. However, many people struggle to create a budget that works for them. A budget is a plan for how you want to allocate your money, and it’s essential to make sure it’s realistic and achievable.
Understanding Your Income
Before creating a budget, you need to understand your income. This includes all sources of income, such as your salary, investments, and any side hustles. Make a list of all your income streams and calculate how much you have coming in each month. Consider using the 50/30/20 rule as a guideline: 50% of your income should go towards necessary expenses like rent and utilities, 30% towards discretionary spending, and 20% towards saving and debt repayment.
Tracking Your Expenses
Once you have an idea of your income, it’s time to track your expenses. This involves writing down every single transaction, no matter how small, in a notebook or using an app like Mint or Personal Capital. Be honest with yourself – include everything from coffee purchases to subscription services. Categorize your expenses into needs (housing, food, transportation) and wants (entertainment, hobbies).
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