Did you know VRS offers financial wellness tools?
myVRS Financial Wellness: Organize Expenses With ‘Your Budget Tool’
The days of guesstimating your cash flow are over—it’s time to gain power over your finances and get on track toward achieving your future financial goals. Track your income and expenses by creating a comprehensive budget with the myVRS Financial Wellness Your Budget Tool.
Enter your take-home income and your expenses. These include fixed costs like rent or mortgage payment, as well as expenses like groceries, entertainment and saving for goals.
Your Budget Status
Once you’ve entered everything, you’ll see your monthly net. If it’s negative—it’s time to identify where changes can be made to reverse course. If it’s positive, take the time to consider financially healthy things you can do with your extra cash such as paying down debt, building an emergency fund and setting aside more for your future.
Spending Analysis
See what percentage of your money goes to which expenses, broken down by category. For example, a common rule of thumb is to keep housing expenses at around 30% or less of your monthly income. Are you within that range? Additionally, this tool shows you what your monthly and yearly savings would be if you reduced your spending by different percentages. Cutting 1% here or 3% there could make a meaningful difference in the funds you have to devote to savings.
Keep Going With Interactive Courses
Don’t stop with this tool alone. myVRS Financial Wellness offers multiple interactive mini-courses (30 minutes or less) that test your skills and teach you how to better manage money. The Creating a Budget course helps you spot opportunities to use your budget in everyday finance, build solid spending and saving habits, and make positive changes to continually improve your financial health.