Budget

Everyone feels differently when they hear the word budget. It may sound like a chore, it could feel restrictive, or it may feel like a positive first step in organizing your money. No matter how you feel, knowing where your money is going is the foundation of your financial wellbeing and it doesn’t have to be complicated.

This worksheet will walk you through the various monthly expenses you should consider to ensure you have a full picture of your expenses.

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Build a budget

An easy way to create your budget is to use the below expense breakdown:

Essential expenses: 50% Consider keeping your essential expenses (housing, food, transportation, debt payments, etc.) under 50% of your take-home pay.
Discretionary expenses: 30% Making sure you’re setting aside some “fun” money to cover discretionary expenses like eating out, traveling or entertainment can help prevent dipping into your savings.
Short- and long-term savings: 5% Setting aside 5% of your take-home pay toward short-term savings and goals like vacation, emergency savings, or down payment on a home could help you avoid going into debt when you encounter an unexpected expense.
Retirement savings: 15% Whether you’re just starting your career, approaching retirement or somewhere in between, consider allocating 15% of your pre-tax income to retirement savings.

Not sure where to start? These short videos will walk you through how to create (and stick to) a budget.

Create a spending plan

Have a budget and still struggling to manage your money? Get tips on how you may be able to reevaluate some of your expenses.

Ways to improve your budget

Finding room in your budget

Still feel like you need more money after building your budget?

Having a detailed spending plan is the first step to seeing where you may have room to decrease your expenses, but you may still find a gap between how much you make and how much you need. Every dollar counts, so try to find big and small ways to make extra room in your budget.

Are you paying for a streaming service you don’t use because you forgot to cancel the free trial a few months ago?
When was the last time you shopped around for auto or homeowners’/renters’ insurance? Get quotes from the Iron Mountain Auto and Home Choice Program and other carriers to make sure you're getting the right coverage and best rates.
Frustrated with how much you’re paying for TV or internet? Call your provider to see if they have any discounts available.
Paying off credit card debt? See if your bank has any offers for a lower interest rate as you pay down your balance.
Do you have a service you use every month? Often, you can get a discount if you pay for several months or a full year in advance.

Listen to some real scenarios related to handling unexpected expenses and finding extra money in your budget.

Struggling to pay bills and get ahead?

Get extra money when you need it

Life happens! Support is available!

In a perfect world, we’d all have emergency savings set aside for unexpected expenses. In reality, that’s not always the case.

You can turn to Resources for Living for help through detailed financial counseling or connecting you to local resources for help.

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Check before you shop!

As a Mountaineer, you have access to discounts and exclusive deals on products and services that help you achieve more in your budget.

Working Advantage gives you discounts of up to 60% off tickets, events, online shopping, and more.
LifeMart through the Care@Work program provides discounts on products and services designed to support your lifestyle.
Resources for Living supports you with perks and savings on an array of services you’ll use in everyday life.
Employee Banking provides special offers on preferred products and services with Bank of America and PNC Bank.

If you have a credit card, you may also have offers and rebates available for certain companies or products purchased on that card. Check regularly and add any offers you are likely to use in the future.

How to save money…

Check on your budget

As you move through your financial journey, it’s important that you regularly check on your budget to ensure it’s still working for you.

Whether you’ve had a budget for years or you’re just now starting, make a point to check in regularly to ensure your needs are the same, you’re using everything you’re paying for, and you’re still on track to meet your money goals.

Financial Wellness Check-up

Start your journey with the Financial Wellness Check-up to evaluate your current financial health and what you need to stay on the right path. As you work through your financial journey, be sure to check back to track your progress.

Learn about financial wellness and how regularly checking in on your finances can help you stay on the right track with your money goals.

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Keep Exploring

Once you are comfortable you have a good start on a budget that works for you, consider other ways to help improve your financial wellness.

Debt

Learn how to comfortably manage debt with suggestions for a plan to help improve peace of mind as you move toward achieving your financial goals.

Learn more

Saving

No matter what you’re saving for, being a strong saver can make a big difference down the road.

Learn more

Protect Your Money

Good financial habits can be easily thrown off course by unexpected life events. Be sure you have protection in place for your money against loss.

Learn more

Moments that matter

From your family, to your home, to your health and retirement, get help with the decisions you face when life happens. Go now >

Iron Mountain offers a variety of benefits and resources to support your wellbeing and that of your family. Explore now >

Contact Fidelity

Fidelity representatives are available to answer your financial wellness questions, big or small. Call 800-835-5095, Monday through Friday, from 8:30 a.m. to midnight ET or visit Fidelity NetBenefits^®.

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