Whether you’ve been recently married or divorced, are expecting a new baby, or sending the kids off to college, life is full of huge changes that require a certain level of financial planning, and having a healthy budget can help ease the stress of any major life event. We’ve put together a list of tips to help you stay focused on your family’s needs while planning for the future and enjoying the present.

1. Track your spending for a month. Gather receipts and transactional information that reflect everything you’re spending money on, especially new payments like diapers, health care, college funds, etc.

2. Determine your financial goals and desires. Will you need a bigger home? A new car? A college savings fund? Life insurance? A family vacation? Take time to discuss these goals with your family. It’s helpful to set dates and specific amounts of money for each of your goals so you can plan accordingly.

3. Write your expenses down. Choose an online software, app, spreadsheet, or paper document to create your physical budget. The idea is for your income to be higher than your expenses so you can start saving for your family’s needs.

4. Make changes where necessary. Can you spend less in any areas? Can you pay off debit and redirect some of your earnings into savings?

5. Save! Secure your savings so you can rest assured that your money is there when you need it. This should be separate from your emergency savings. Consult with a Banesco USA representative to discuss the savings options we offer, and find the plan the best suits your family’s needs right now. Contact our Client Care Center toll-free at 1-888-228-1597, Monday through Friday from 9am to 5pm, or stop in to visit us at a local branch. We’re always happy to assist you and support your family’s financial future.