Your Spending Plan

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Making Cents of Your Budget

If you’ve ever looked at your bank account and wondered, “Where did all my money go?”  you’re not alone. 
More than half of Americans live paycheck to paycheck, including a third of households with incomes exceeding $100,000 per year.

The Three Keys to Budgeting

A successful budget follows three simple rules: keep it simple, keep it real and keep up on it. Many people give up on budgeting because they overcomplicate it with elaborate spreadsheets and formulas. In reality, the most effective budgets are often the easiest to use. Being honest about your spending is equally important. If you grab coffee every morning, enjoy fast food lunches or have a hobby that costs money, write it down. Your budget is only for you, so accuracy matters. Finally, consistency is key. 

Checking in with your budget every payday helps you stay on top of bills, track your progress and plan for what’s left over.

There are several approaches to budgeting, and the best one is the one you’ll actually use.

  • For those who prefer technology, budgeting apps make tracking easy by categorizing expenses, sending reminders and displaying helpful charts.
  • Members of Ascentra Credit Union can take advantage of the Ascentra app, which offers built-in budgeting tools that break down spending, track trends and even allow for automated bill payments.
  • Others may prefer the tried-and-true pen and paper method, simply writing out income and expenses in a notebook.
  • Structured plans like the 50/30/20 rule, which divides income into needs, wants and savings, or the zero-based budget, where every dollar has a job, provide useful frameworks.
  • The envelope system, where cash is separated into categories, can help curb overspending, while the pay-yourself-first method prioritizes savings before paying bills.

Once your budget is in place, it’s important to make the most of any extra money.

  • Building an emergency fund should be the first step, ideally saving at least two months of living expenses to cover job loss, illness or major repairs.
  • Paying down debt is another smart move, freeing up more income and reducing the burden of interest.
  • Once those priorities are met, setting aside money for opportunities like vacations, holidays or family activities allows you to enjoy the rewards of your efforts.

Budgeting isn’t about restriction. It’s about control and peace of mind.

By starting small, staying consistent and finding the method that works best for you, you can reduce stress, achieve greater financial freedom, and finally feel confident telling your money where to go.


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Investing in Your Family's Future with 529 Plans

  • Apr 1, 2026
IA/IL College Savings Plans

Planning for a child or grandchild’s education is one of the strongest ways families can help them get started financially. 529 college savings plans offer a tax advantaged way for parents, grandparents, and other family members to save for education expenses, and can be a cornerstone of long term financial planning.

A 529 plan is a state sponsored savings account designed to help families invest for future education costs. Your contributions grow tax deferred, and withdrawals used for qualified education expenses are tax free at the federal level. This includes tuition, fees, books, supplies, and depending on the plan, certain apprenticeship and K-12 expenses.

Iowa offers the ISave 529 Plan, a college savings plan where contributions grow tax free and can be used for qualified education expenses. Iowa residents may also enjoy a state income tax deduction for contributions. Learn more and open an account at isave529.com.

Illinois families can choose between two Illinois 529 College Savings plans. These plans also offer tax deferred growth and, for Illinois taxpayers, a state income tax deduction. Bright Start is known as one of the nation’s highly rated 529 plans. Find plan details and links at illinoistreasurer.gov/college-savings.

How families benefit:

  • Tax advantages: Contributions may reduce your state taxable income in both Iowa and Illinois.
  • Flexible use: Funds can pay for college, vocational schools, and other qualified programs.
  • Family involvement: Parents and grandparents can contribute, creating a legacy of support.
  • Control: The account owner retains control of funds and can change the beneficiary if plans change.
Getting started is simple, and every contribution, no matter the size, can make a meaningful difference over time. By taking advantage of the tax benefits and flexibility 529 plans offer, families can build a strong foundation for future education expenses while easing the financial burden down the road.

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Investing in Your Family's Future with 529 Plans

  • Apr 1, 2026
IA/IL College Savings Plans

Planning for a child or grandchild’s education is one of the strongest ways families can help them get started financially. 529 college savings plans offer a tax advantaged way for parents, grandparents, and other family members to save for education expenses, and can be a cornerstone of long term financial planning.

A 529 plan is a state sponsored savings account designed to help families invest for future education costs. Your contributions grow tax deferred, and withdrawals used for qualified education expenses are tax free at the federal level. This includes tuition, fees, books, supplies, and depending on the plan, certain apprenticeship and K-12 expenses.

Iowa offers the ISave 529 Plan, a college savings plan where contributions grow tax free and can be used for qualified education expenses. Iowa residents may also enjoy a state income tax deduction for contributions. Learn more and open an account at isave529.com.

Illinois families can choose between two Illinois 529 College Savings plans. These plans also offer tax deferred growth and, for Illinois taxpayers, a state income tax deduction. Bright Start is known as one of the nation’s highly rated 529 plans. Find plan details and links at illinoistreasurer.gov/college-savings.

How families benefit:

  • Tax advantages: Contributions may reduce your state taxable income in both Iowa and Illinois.
  • Flexible use: Funds can pay for college, vocational schools, and other qualified programs.
  • Family involvement: Parents and grandparents can contribute, creating a legacy of support.
  • Control: The account owner retains control of funds and can change the beneficiary if plans change.
Getting started is simple, and every contribution, no matter the size, can make a meaningful difference over time. By taking advantage of the tax benefits and flexibility 529 plans offer, families can build a strong foundation for future education expenses while easing the financial burden down the road.