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What Are You Spending Your Money On?

Ever wonder what your hard-earned dollars go? Are your purchases aligned with the things you value? Typically, November and December have higher expenses due to holidays and heating. Do you have extra money to cover these costs?

Before deciding if changes to your spending are needed, it’s a good idea to first understand how you use your money now.

Keeping track of everything you buy for a month lets you see all your expenses in one place. Many people who track their spending discover that they're spending money in small ways that add up and sometimes don’t match their priorities.

By tracking your spending, you can discover changes in your spending to make in the future. Allowing you to save for unexpected expenses, the holidays and other goals.

How you can do this:

  1. Get an envelope. Every time you spend money, get a receipt and put it into the envelope. If the receipt doesn’t list what you purchased, take a few seconds and write it on the receipt. If you don’t get a receipt, write down the amount and what you purchased on a piece of paper and add it to the envelope. If you use a mobile device to keep track of your spending, that works too.
  2. Review your spending each week. Go through your receipts and enter the total you spent in each category on this worksheet. Add the weekly amounts per category. Write these down in the “Category totals” column. Once you have these totals, add them together to get your total spending for the month.
  3. Notice trends. Circle items that are the same every month (like rent, car, or cell phone payments). These are often your needs and obligations. Identify any areas you can eliminate or cut back on—these will generally be wants.

At MMFCU, our expert staff can help you get started with this process or identify trends. Achieving financial well-being is a journey we are all on and their will be unexpected expenses along the way. We are here to help you with those items as well. 


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We want to reassure you that we're here to help with any financial services you need during these difficult times. Mid Minnesota is here for your financial well-being. 
 
ACCESS TO YOUR MONEY
 
Our expert staff stands ready to help with any needs, we encourage you to use the drive through or call. The most convenient way to access your money 24-hours a day is through our online and mobile banking services. Consider the following and choose what works best for you. 
 
 
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If you've been financially impacted by this pandemic, our staff is prepared to discuss your options and help guide you through these uncertain times. Please reach out to us to discuss your individual situation We have trained financial counselors available. 
 
 
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Unfortunately, there have been recent fraudulent websites and emails that aim to take advantage of people financially, so please remain diligent to protect your personal and financial information. MMFCU will not ask for any personal information via telephone or email that you, the member, has not initiated. If you are unsure if a phone call, email or text is legitimate, call your local MMFCU office. 
 
For information on recent scams and how to protect your identity, click HERE for the Security page of our website.
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