Your Financial Health

What is the one thing that I can do to stay financially healthy this year?

Managing money isn't always easy, and unexpected expenses can often cause financial strain. But planning ahead by developing a budget that includes a savings strategy can make all the difference. Here are a few simple tips to get you started:

Understand What You Bring Home. There is a difference between your gross and net income. Start your budget with your after-tax take home pay.

Earmark Savings. Figure out what you can save and store it in a separate savings account. If you save it in your checking account, you're more likely to spend it. It's also important to start an emergency fund. Put aside cash into a separate account monthly to prepare for the unexpected.

Know Your Expenses. Make a list of your monthly expenses including rent or mortgage, water, electricity, gas, cable, food, child care, transportation, insurance, entertainment, etc. And, think ahead about expenses that may increase at certain times.

Stick to Your Budget. Be sure all members of your family are on board with the budget you lay out. Carefully evaluate your last few months of spending and decide what you can commit to cutting and what you don't want to give up. If you have outstanding debt, avoid credit cards and if a payment schedule is necessary, factor your monthly payment into your set expenses.

Consult a Financial Specialist. Finally, don't be afraid to ask for outside help when organizing your budget and planning for your future. Your local banker is a good source of information. Additionally, there is a wide variety of budgeting software available for a nominal fee. For help with your budget, use Comerica Bank's online budget calculator at comerica.com/budgetcalculator.

Get answers to your financial questions each and every month from Comerica Bank's team of financial specialists.

Do you have a question about how to maintain your financial health? Ask Comerica at askcomerica@comerica.com.

Comerica Bank. Member FDIC