Money Guide
Take Control of Your Finances
If anything, the past year has shown us that life is unpredictable — especially when it comes to money. The tips and tools in this guide will walk you through four major areas of managing your money — budgets, financial planning, income, and bills — and help you prepare for even the most unexpected financial circumstances.
Your Budget
For Americans who are in a steady financial position, sticking to a budget is key.
Workers who couldn’t get by at all if they missed a paycheck
Employees working for federal minimum wage or less
People who struggle to pay their debts each month
Budgeting doesn't have to be complicated. Master your budget with these three tips.
8%
14%
37%
No. 1: Stretch your dollar
Come to terms with your income and bills Find alternatives to mainstream services Schedule your bills to work with payday
Learn more
No. 2: Make a plan
Spread out your bills and obligations Identify where to skimp and reallocate funds Schedule automatic transfers to savings
No. 3: Hone your spending habits
Track your spending Identify spending habits Avoid retail therapy
After writing down every transaction, many people realize they’re spending way more than they thought on all the small things, such as coffees, nights out, and parking fees. It really catches up.”
Michael Collins Faculty Director, Center for Financial Security University of Wisconsin-Madison
Does this sound like you? Let's take a look at your household.
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Your budget
Your household
Your income
Your bills
Source: OppU 2021 Family Budget Survey
Your Household
Maybe you live alone. Maybe you have a spouse and children. Or maybe your household situation is more complicated than that. Regardless of how many people live under your roof, your household situation and finances are most likely intertwined.
Couples
Talking about finances with a partner may not come naturally. In fact, it’s downright stressful for ___% of Americans who are married or living with a partner.
Families
Adding children to the mix makes finances even more complex. From child care to medical bills, additional family members translates to higher expenses.
Singles
Single Americans are likely to stick to a budget and have enough money to cover monthly essentials, yet they still have financial challenges.
Money and your relationship
Feeling insecure about your financial future with your significant other? You are not alone.
4 quick tips to support your money talk
Don’t be embarrassed or let shame stop you from talking about money
Zero in on your feelings about money Come clean to your partner Hold each other accountable
Money and kids
$12,680
The average cost for the first two years of a child’s life
Make the most of your family budget
Prioritize quality and safety over the latest and greatest gear
Start saving as soon as possible
Identify potential tax breaks and employer benefits
Money and you
I do not invest in a retirement account.
30%
Does this sound like you?
It is possible to change your fate and start saving now
Set it and forget it with automatic transfers. Start small - even with $10/week Give yourself an allowance
Save before you spend -- even if it’s just a little.
Save enough up for that one car payment or rent payment. Once you have that, challenge yourself to go for two or three payments.”
Motivation boost: Aim for a low-level goal
Single Americans are likely to stick to a budget and have enough money to cover monthly essentials, yet they still have financial challenges. view more
48% of Americans who are married or live with a partner resent that person when it comes to finances, according to a 2021 OppU survey.
Next: Your Income
Previous: Your Budget
Source: U.S. Department of Agriculture
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Adding children to the mix makes finances even more complex. From child care to medical bills, additional family members translates to higher expenses. view more
Talking about finances with a partner may not come naturally. In fact, it’s downright stressful for 58% of Americans who are married or living with a partner. view more
Back to top
I typically live paycheck to paycheck.
58%
I feel that I cannot get ahead financially.
47%
I have more than $15,000 in personal debt.
42%
Formula. Wipes. Diapers. Child care. Those baby expenses can add up quickly. Are you prepared to cover it?
Your Income
Top 3 expenses financial decision-makers struggle to pay:
Personal debts
+ Explore available resources
Income options and resources
+ Give yourself a raise or new savings opportunities
+ Consider passive income opportunities
+ Adjust your income tax withholdings
You may be eligible for:
Government relief checks Unemployment benefits Nonprofit relief funds
Take advantage of employer benefits
Health savings accounts Commuter plans Pretax dependent care
Resources
Learn how to read:
A pay stub
Your W-2
A check
Next: Your Bills
Previous: Your Household
Food/groceries
Medical expenses
Government relief: Did you receive a paycheck boost?
More than 8-in-10 Americans who received a stimulus checkfelt the money improved their financial situation in some way.
Did your stimulus check fall short of giving your income the boost it needs? Find out what other benefits you may be eligible to receive.
1-in-5 used their stimulus money to pay off debt or bills.
However, 12% felt the extra income had minimal impact on their financial situation.
Did you receive a tax refund?
Earn money without investing much effort or time
Are you coming up short on your bills each month? Here are some tips for boosting your income.
You overpaid throughout the year The government is reimbursing you for money that was already yours Your regular take-home pay could be higher
Problem: Many Americans receive a tax refund and view it as free money — but it’s not. A tax refund indicates:
Rent a room in your home Rent out your car Create an online course
Your Bills
Personal debt can impact your ability to pay for necessities. One-quarter of surveyed American’s with at least $30,000 in personal debt struggle with paying personal debts, food, and mortgage/rent each month.
Paying bills by check
A step-by-step checklist for filling one out:
Write the date Write the name of the company or person you are paying Write the amount you owe in numerals Write out the amount you owe in words Optional: Note the purpose of payment Sign your name
Pay on time to avoid
Negative impact to your credit score Loss of security deposits Late fees and penalties Termination of services
Can’t pay your bills?
Call your lenders and service providers Find out if you’re eligible for government relief Check for potential deadline extensions, ie federal student loans
Previous: Your Income
Learn about budgeting
Paying bills
Other monthly bills
What is a utility bill?
What options are there for paying bills?
Rent/mortgage Car payment Childcare Other personal debts
Water Gas Electricity Internet Phone Cable
Paying bills with cash
Ask for a receipt Be aware of fees Request a discount
The basic resources that service your home:
Check Debit/credit card Bank transfers Money order Prepaid debit card
Red flag: If a property management company expects cash payments and does not offer receipts.
