Bloomington Chamber of Commerce
  • Membership
    • Business Directory
    • Become a Member
    • Benefits of Membership >
      • Interested in Membership
    • Levels of Membership
    • Member Portal & Materials >
      • Member Login
    • Chamber App
    • Connect Bloomington
    • Member Resources
  • Events & News
    • Signature Events >
      • Educator of the Year Nominations
      • WEB Nominations
      • Showcase Bloomington Exhibitor Page
    • Chamber Events Calendar
    • Sponsorship
    • Member News
    • Multimedia Gallery
    • Chamber News
  • Initiatives & Resources
    • Bloomington Women in Leadership
    • The Success School
    • Young Professionals Bloomington >
      • YPB Steering Committee
    • Business Resources
    • Job Board
    • Community Calendar
  • Advocacy
    • Advocacy Matters Updates
    • Legislative Agenda
    • Local Government
    • Advocacy Resources
  • About Us
    • Contact Our Team
    • Board of Directors
    • Press & Media
Member Login | Join Us!
Member Login | Join Us!

Northwest Bank Closes Out National Financial Capability Month, Shares Personal Budgeting Tips for Consumers in Today's Economy

4/28/2023

0 Comments

 
In honor of National Financial Capability Month (also known as National Financial Literacy Month), Northwest Bank shares personal budgeting tips to help customers gain control of their finances and prepare for the unexpected. National Financial Capability Month was designated as a call to action for Americans to not only learn and commit to various savings options, but to also learn more about the different resources available to make informed and effective decisions.
 
With high inflation and costs of living, it’s more important than ever that people have a budget in place to help manage their finances. To help consumers stay on track and feel more financially secure, Northwest Bank provides the following tips:

  • Create a budget: Begin by calculating total income. This should include your monthly salary but may also include other income such as tips, child support or alimony payments and investment income. Next, track your monthly expenses – including both fixed and variable expenditures. For variable expenses, determine the monthly average.
  • Assess Your Finances: Once your budget has been created, assess your finances by subtracting your total average monthly expenses from your total monthly income. If your expenses outweigh your income, consider ways to cut your expenses or increase your income. If you have money left over at the end of the month, consider opening a savings account or contributing to a 401(k) plan through your employer.
 
  • Take Control of Your Finances: To manage your spending and develop a savings plan, consider breaking your expenses down into three categories – needs, wants and savings. Then, use the 50/30/20 rule to allocate your funds accordingly. When using this method, 50% of income should be used to cover needs such as housing, transportation and food, 30% of income should cover wants including entertainment, shopping and vacations, and 20% of income should be set aside for savings or debt reduction.
 
  • Stick to Your New Budget: One of the most common reasons that budgets fail is because they are unrealistic. The best way to avoid this mistake is to be realistic about your spending habits and plan for emergencies and special events when creating your budget. Additionally, it is important to remain persistent. Resist the urge to give up on the budgeting process after overspending or falling short of your savings goals. Instead, try again next month.
 
Creating and sticking to a personal budget is an essential component of financial wellness. For more budgeting tips, visit Northwest Bank’s Financial Wellness Center: https://financialwellnesscenter.northwest.bank/money-management/budgeting
​
0 Comments



Leave a Reply.

    Share your news with us!

    Submit your news to the Chamber by the 12th or 28th of each month to be included in the bi-weekly Membership Matters emails.

    Event submissions will only be published once. Please consider submitting your event to the Community Calendar through your Member Portal. 

    Direct solicitations for sponsorships, paid advertising or political endorsements will not be included in any publication.

    All content in blog posts are submitted from Chamber members. 

    Submit Member News
    Archives

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020

    RSS Feed

    Picture
    Webpage Square Ad Banner spaces are available for members. Download our sizes and pricing sheet for more information by clicking the button below.
    Download Web Ad Sheet
Contact Our Team | Business Directory

Our Chamber

​The Greater Bloomington Chamber of Commerce provides leadership through member engagement, business advocacy and civic partnerships to strengthen our community and business environment.

Main Contact

421 W 6th Street, Suite A | Bloomington, IN 47404
[email protected]
(812) 336-6381

Office Hours:
Monday-Thursday: 9:00am - 500:pm
Friday: 9:00am - 3:00pm
Trust Center
​
Media Center
Speaking Requests

There is a no refund policy for events.  If you need to reassign your ticket to another person we will be happy to update our attendance list. Thank you.

Chamber Info

About Us
Board of Directors
Contact Our Team

Chamber Resources

Business Directory
Chamber Events Calendar
Member News
Chamber News
Membership Application
Member Login
Business Resources
Picture
Copyright The Greater Bloomington Chamber of Commerce. All Rights Reserved.
  • Membership
    • Business Directory
    • Become a Member
    • Benefits of Membership >
      • Interested in Membership
    • Levels of Membership
    • Member Portal & Materials >
      • Member Login
    • Chamber App
    • Connect Bloomington
    • Member Resources
  • Events & News
    • Signature Events >
      • Educator of the Year Nominations
      • WEB Nominations
      • Showcase Bloomington Exhibitor Page
    • Chamber Events Calendar
    • Sponsorship
    • Member News
    • Multimedia Gallery
    • Chamber News
  • Initiatives & Resources
    • Bloomington Women in Leadership
    • The Success School
    • Young Professionals Bloomington >
      • YPB Steering Committee
    • Business Resources
    • Job Board
    • Community Calendar
  • Advocacy
    • Advocacy Matters Updates
    • Legislative Agenda
    • Local Government
    • Advocacy Resources
  • About Us
    • Contact Our Team
    • Board of Directors
    • Press & Media