Knowledge Center
Quickstart Guide: Creating a Budget
Move closer to financial peace of mind.
Consistently tracking your money with a personal budget can reduce stress and increase quality of life by helping you:
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Save—and spend—with confidence. A budget gives you a clear picture of what you have coming in and going out. What’s even more exciting is you’ll know how much you’ll have left over for your near-term wants and long-term goals—and be able to enjoy life without the question of “can I afford this?” hanging over your head.
Prepare for the unexpected. When you stick to your budget, you’re prepared when unexpected expenses arise because you’ve already put aside money in your emergency fund.
Make the most of your time. Creating a budget—and taking a few minutes each month to maintain it—means less time spent worrying about money and more time enjoying the people and experiences you love.
Remember, budgeting isn’t about making big life changes overnight. It’s about forming small, consistent, healthy financial habits that make a big difference over time.
Here are resources to help you create, update, and track your budget.
- Get started:
- Learn about what to consider when creating a budget. If you're retired, read how to think about budgeting in retirement.
- Review your current expenses before creating your budget so you can set realistic targets for yourself.
- If you’re managing debt, use Fidelity’s debt activity worksheet to help you work debt repayment into your budget.
- Create your budget:
- Enter your numbers on Fidelity’s easy budget worksheet so you can visualize a basic budget and make any necessary adjustments.
- You can also explore the tools in NetBenefits to track your spending. Login to the MyRPB for Participants portal and click the tile: "Access the Planning Summary." There, scroll down to "Manage your finances."
- Stay on track:
- Life changes and your budget changes along with it. Make sure to track your income and spending throughout the year and then update your budget. You can use RPB’s tracker.
Congratulations! By reading this article, you’ve already taken an important step towards greater financial freedom.