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In these challenging times with COVID-19, lots of individuals and families might be struggling financially. However, banking professionals have some tips to manage your personal finances. 

Home State Bank Vice President Amy Milligan says setting up a budget, either bi-monthly or monthly, is an important way to keep track of your finances. She suggests listing loans such as school, car and home, along with credit card payments, utility, heating, cable, internet and cell phone bills. The one variable expense that should also be included in a budget are groceries. She describes one cost saving measure everyone can take to save money in their budgets.

“What are the things that are crucial, that you have to spend on? Those would be needs. And then what are those wants, things that maybe are important but maybe not every month important? You have to have food, but when you go to the grocery store do you want to buy the ice cream, and the chips and all those extras?”

Milligan recommends keeping money in an envelope for expenses like groceries, and setting up online bill pay for those other fixed costs such as loans and credit card payments to give peace of mind and not have to remember to pay everything each month.