3 Simple Tips for Aligning Your Expenses and Income

Getting your expenses and income to match up, let alone move in a positive direction with each other, can feel like a daunting task. But small changes can make a big difference. There are some easy steps you can take to turn the corner on your finances. Once you have an accurate picture of your money, follow these tips to start aligning your expenses to your income. 

Aligning Your Expenses and Income

Create a working budget that matches your cash flow. Your cash flow is the timing of when money comes in and when it goes out (income and expenses). Looking at it on a week-by-week basis, especially if you tend to run short, can help. Try using this worksheet to create a working monthly budget.

Request due dates for your bills that help you stay on track. If there are certain weeks when money is especially tight, you can contact your creditors and utility companies and request new due dates that better align with your income. Use this checklist to help you set it up.

Compare your spending month-to-month. Track your spending closely for several months. By using this worksheet to look at your spending in real-time and compare it to the previous month, you’ll start to see places where you can make adjustments and move money into savings.

Next Steps

Now that you’ve tackled your expenses and income, explore more money tracking tips and resources. Get in touch with a certified financial coach at Columbia Credit Union for free financial support and one-on-one guidance.