We live in a very busy world, and with so many areas of our lives to manage, it’s easy to lose track sometimes. When it comes to your financial resources, losing control of what we spend and where and how we spend it can have disastrous consequences.

“Budget every dollar,” says Cindy Stevens, a real estate and consumer loan officer here at Spokane Federal Credit Union.

“Take into account all of the regular and periodic items that you pay. Don’t forget insurance, car repairs, subscriptions, and kids’ expenses like music lessons or sports fees. If unexpected funds come into the household, refrain from spending and consider paying down some debt,” says Cindy. “Dave Ramsey says pay off the smallest debt first, but I encourage people to pay off the one with the highest rate of interest first. Once it’s paid off, apply what you’ve been paying to the next one on your list along with what you were already paying toward that debt and so on.”

“I think it’s important to share your budget with the entire family,” says Cindy. “My kids know our budget and what our discretionary funds are so when they ask for something and it doesn’t fit into the budget, they understand why.”