RALEIGH — As the new year begins, many consumers are looking for ways to be more mindful of their finances. Creating and maintaining a budget can help individuals stay in control of their money, even when unexpected expenses arise. A budget allows consumers to understand how much income they earn each month, how much they spend and how to plan future expenses.
Better Business Bureau Serving Eastern Carolinas is offering guidance to help consumers build a budget for 2026.
“Creating a budget at the start of the new year will be vital for success,” said BBB President and CEO Mallory Wojciechowski. “Start by calculating your income and expected expenses. Find a budgeting system that will work best for you and your lifestyle.”
BBB tips for creating a budget in the new year include:
• Calculate your income. Determine your monthly net income after taxes and deductions to understand how much money you actually take home. Those with multiple income sources may need to review bank statements, pay stubs or consult an accountant to ensure accuracy.
• Track your spending. Monitoring expenses is essential to understanding where money goes each month. This can be done using a mobile app, computer software or a handwritten notebook. Consumers may also use a budget worksheet from the Federal Trade Commission to calculate income and expenses. NerdWallet, a BBB Accredited Business, recommends the 50/30/20 rule: allocate 50% of income to needs, 30% to wants and 20% to saving or paying down debt.
• Choose a budgeting system. Select a system that aligns with your financial goals and personal habits. A cash-based system may help limit overspending, while a zero-based budget — in which every dollar earned is assigned a purpose — may appeal to those who prefer detailed planning.
• Contribute to retirement. Consumers are encouraged to contribute enough to their 401(k) plans to receive the full employer match, if available. When receiving a raise, consider directing the additional income to retirement savings. The U.S. Department of Labor offers resources to help individuals prepare for retirement.
• Save for major expenses. Large purchases such as vacations or holiday gifts can disrupt a budget if not planned for in advance. Setting aside money over time can help avoid unnecessary debt. Many banks and credit unions offer savings clubs designed to support these goals.
• Build an emergency fund. Unexpected expenses, including car or home repairs, medical bills or job loss, can quickly derail a budget. Financial experts recommend saving enough to cover six months of living expenses. For those just starting, even a smaller fund — such as $500 — can provide meaningful financial relief.
About BBB of Eastern Carolinas
Better Business Bureau Serving Eastern Carolinas is a 501(c)(6) nonprofit organization serving 48 counties in North and South Carolina. The organization is funded primarily through BBB Accredited Business fees from more than 5,200 local businesses and professional firms. BBB promotes integrity, consumer confidence and ethical business practices through self-regulation in the local marketplace. Services include reports on businesses and charities, monitoring of advertising, consumer and business education programs and dispute resolution services.
All services are provided at no cost to the public, with the exception of some mediation and arbitration services.
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