Spending Leaks

Financial well-being May 04, 2017 By Jennifer Henagar

In order to reach your financial goals, you must have a realistic idea of where your monthly income is going and how to adjust your spending and saving based on your desired outcomes.

According to the book “The Millionaire Next Door” almost 60% of millionaires use a budget to manage their money. This shows that success with your finances can start by creating and sticking to a monthly budget. We can’t get rich by mindlessly spending all of our money!

To help you see where your money is going each month, start with creating a budget (spending plan). If you find that you are consistently spending more than you make each month, you will need to make some cuts in your budget.

Here are some common areas that eat up your money, also known as “Spending Leaks.”

  • Eating out – try eating some leftovers. Staying away from restaurants can literally save you a couple of Benjamins a month!
  • Car payments – try getting a good, reliable used older car that you can get around in just fine. Pay cash or apply a large down payment for it and say good-bye to the $500 monthly car payment!
  • Groceries – Clipping coupons, waiting for sales, or buying store brands can make a huge difference in your spending plan.
  • Utilities – Shut the lights off when you leave a room. Read a book instead of watching TV. Unplug your devices & their chargers when they aren’t being used. Doesn’t seem too hard, but you can save big.
  • Clothing – Honestly, we don’t need new clothes as often as we think we do. Plan ahead & find deals at garage sales & consignment stores. You can save BIG!!

Budgeting is a process that gets better and easier with time. Small tweaks may need to happen, but it will get better each month so that you can spend your money and your life more wisely.

By Jennifer Henagar

Director of Financial Well-Being, First United Bank - Durant

Jennifer Henagar has worked in the financial services industry for over 20 years. She is currently the Financial Well-Being Director but has a diverse background in Wealth Management, Human Resources, Organizational Development, Executive & Professional Coaching, and various positions at a Credit Union. 

Jennifer graduated with a Bachelor’s degree in Finance from Southeastern Oklahoma State University and a Master’s degree in Business Administration from Texas Woman’s University. She obtained her graduate certificate in Executive and Professional coaching from the University of Texas at Dallas in 2015 and earned her Ramsey Solutions Master Financial Coach designation in 2016. 

Jennifer and her husband Greg live in Atoka County and have five children and two grand-children. For fun, the family enjoys bowfishing and traveling to new places.