Budgeting Tips for Wisconsin Families

Smart Ways to Save More

As the Packer family sat down to prepare for the upcoming school year, the children daydreamed about the first day back when the yellow school bus would pick them up from their dairy farm, and the parents took a look at their budget and realized something surprising. It wasn't the big things draining their bank account. It was their everyday choices, such as the extra groceries they didn't need, the streaming subscriptions they rarely used and the small impulse buys that added up fast.

Sound familiar? Many Wisconsin families feel the same way. Between summer getaways up north, miscellaneous school expenses, heating bills in the winter, and everything else, it's easy to lose track of where your money goes. The good news? A few simple changes can make a big difference for your family, and National Exchange Bank & Trust is here to get you started on the right track! Check out our helpful budgeting tips for families and simple money-saving strategies to take charge of your finances with confidence.

Why Budgeting & Saving Matters for Families

Did you know that more than half of Wisconsin residents live paycheck-to-paycheck, often spending as much or more than their monthly income, according to the Wisconsin Department of Financial Institutions?

Smart budgeting can break that cycle and help you save more for what matters most to you and your family. Whether that's an emergency fund, family vacations, your child's college education or a solid retirement cushion. Setting clear savings goals and having a plan in place is the first step to taking charge of your family's finances with confidence.

5 Simple Budgeting Tips for Families

Budgeting doesn't have to be complicated. Here are five practical ways to start managing your family's expenses and budget:

1. Track and Categorize Your Expenses

Track and categorize expenses by reviewing your transactions in online banking or your statements. This will give you a baseline of what you are spending now. You might be surprised how many "little things" you find. Use the tools in your tool belt: the Financial Wellness digital money management tool, inside Exchange and the mobile app will help give you a complete picture of your financial accounts, easily track expenses, and create savings goals using your existing accounts.

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2. Eliminate Hidden and Unnecessary Costs

Cut back on expenses that don't bring equal value to your life. Cancel subscriptions you haven't used in the past month and plan more meals at home. Bundling services and subscriptions with relatives or friends can also help reduce costs.

3. Adopt the 50/30/20 Budgeting Rule

If traditional line-item budgeting feels overwhelming, try the simplified 50/30/20 budget rule. Here is how it breaks down for household expenses:

• 50% for Needs: Non-negotiable bills like rent or mortgage, home heating, basic groceries, healthcare, insurance and minimum debt payments.
• 30% for Wants: Dining out, kids' extracurricular sports, summer weekend trips, streaming services and entertainment.
• 20% for Savings & Debt Payoff: Building an emergency fund, extra principal payments on high-interest loans or contributing to a college savings account.

Watch Our Budgeting Series

4. Automate Your Savings

Make saving a priority. Set up automatic transfers to your savings account for a low-effort way to save. If available from your employer, utilize the Wisconsin Saves Program, designed to help establish savings through the automated saving strategy of split deposit.

5. Establish Clear Financial Goals

Vague goals like "saving more money" are hard to stick to. Set specific targets, such as saving $1,500 for winter heating costs or $500 for holiday shopping, to keep your household motivated and focused.