TruCommunity Blog

Saving money can feel overwhelming—especially when you're balancing bills, goals, and unexpected expenses. But here’s the good news: a family budget isn’t just a spreadsheet—it’s your roadmap to confidence and peace of mind.

Let’s break it down into four simple steps to create a realistic and effective family budget:

1. Know Your Income (All of It)

Start by adding up your household’s total monthly income. This includes take-home pay from your job and any other consistent sources like child support, rental income (such as Airbnb), freelance work, or side gigs. Be sure to only count income you can rely on each month.

Tip: Don’t forget about pre-tax deductions like retirement contributions or health insurance premiums. It’s best to build your budget around your net income—what actually hits your bank account.

2. Track Your Spending in Detail

List all your expenses, both fixed (like rent/mortgage, insurance, and loan payments) and variable (like groceries, utilities, entertainment). For an honest picture, include discretionary spending like dining out, subscriptions, kids’ activities, or those morning coffee runs.

Tip: Categorize your spending! Use broad buckets like housing, transportation, food, fun, savings, and debt. This helps identify areas to cut or consolidate.

Try This: Log in to your TruBank online banking and review the last 3 months of transactions to spot recurring expenses or surprise splurges you may have overlooked.

3. Calculate What’s Left (Your Net Income)

Take your total monthly income and subtract your total expenses. This tells you if you’re living within your means—or overspending.

• If you’re in the positive: Allocate that extra toward a savings goal, emergency fund, or accelerating debt payoff.

• If you’re in the red: Go back through your spending and look for areas to trim. Start small—cutting one takeout meal or streaming service can make a big impact.

Tip: Consider using a “no-spend day” each week to pause unnecessary purchases and reset your habits.

4. Review. Adjust. Repeat.

A budget isn’t “set it and forget it.” Your needs and income can change—so should your budget. Set a reminder to check in monthly or quarterly to track progress and tweak categories.

Tip: Automate success. Set up automatic bill payments and recurring transfers to your savings account with TruBank. It removes the temptation to spend before saving.

Pro Tip: Use visual tools like pie charts or bar graphs (many apps provide them) to easily spot where your money is going.

Bonus Framework: Try the 50/30/20 Rule

This popular rule of thumb helps keep your budget balanced:

• 50% Needs: Housing, groceries, bills, insurance

• 30% Wants: Dining out, shopping, travel, hobbies

• 20% Savings & Debt Repayment: Emergency fund, retirement, student loans, credit cards

It’s a flexible guide—not a hard rule. Adjust percentages to match your lifestyle or financial goals.

Digital Tools to Help You Budget Smarter

In today’s digital age, there’s no need to budget with pen and paper (unless that’s your thing!). Try these tools:

• Money Manager Expense & Budget – A free app for Android and iOS that tracks your spending and builds custom reports.

• YNAB (You Need a Budget) – For those ready to take budgeting to the next level with goal tracking and financial planning.

• Economic Policy Institute’s Family Budget Calculator – See how your household compares with others based on location and size.

Stay the Course—and Lean on TruBank

The secret to budgeting success? Consistency, patience, and progress over perfection. You're going to slip up from time to time. That’s normal! What matters is staying committed to your goals and adjusting when life happens.

Let TruBank be your partner on this journey. We offer tools like:

• Automatic transfers to build your savings behind the scenes

• Mobile banking for on-the-go money management

• Friendly local bankers who are happy to help you find a strategy that works for your family

Ready to make your money work for you?
Let’s build a budget that reflects your goals, your values—and your future.