Manage your money quickly and easily with Online Banking and Mobile Banking here at HNB Bank. Fortunately, we have resources to help you stay on track. Making a budget can be simple it’s the maintenance that’s often difficult. If it’s negative, you’re not living within your means and you’ll need to reassess your spending habits. If it’s a positive number, you’re earning more than you’re spending. Total your monthly expenses and subtract them from your total income - that’s your difference. It’s a good idea to spend a month tracking every expense - you’ll be surprised what little things you overlook. The more specific you can be, the better. Then move onto flexible expenses - those that may change seasonally or from month to month, like groceries, gift buying, gas, vacations, personal appointments and dining out. Start with fixed expenses- those that don’t change from month to month, like mortgage/rent, loan payments, gym memberships, bills, prescriptions and car payments. Account for all sources of income, how much comes in every month and how frequently. Below are some helpful hints to help you create a budget. Setting a budget can help you better utilize your funds and maximize your income. And while everyone’s finances are unique, there’s a core set of things anyone can do to regain control of their finances and move toward financial security. Your income tax return (long and short forms) will require you to include your dependent care provider's name and tax number or Social Security number.When it comes to your financial bottom line, making and sticking to a budget can be the difference between uncertainty and stability. When first employed, many young people make the mistake of trying to buy too many luxury items. If you are married, both you and your spouse must be working or a full-time student during the time the care is received. If you want to cut your spending, youll have to start with your fixed expenses. Elderly dependent care may include your cost to send a dependent parent to an elderly daycare facility or to have someone to care for them in your home. A person qualifying for this type of care must spend at least eight hours a day in your home. Also, expenses for dependents of any age who are unable to care for themselves because of a physical or mental handicap are eligible. The Dependent (Child) Care Spending Account provides you with the opportunity to use tax-free dollars to pay for the care of your children under age 13 or other IRS eligible dependents while you and your spouse work or go to school full time.Ĭhildcare services may include your cost to send a child to preschool, after school, or nursery school. Specialized equipment for disabled personsĪ few examples of expenses that are not eligible include:ĭependent (Child) Care Spending Account (DCSA).Costs for procedures not covered or not covered fully by a health, dental or vision plan.Deductibles and co-payments not paid by any health or dental insurance in which you or your family members participate.The Health Care Spending Account helps you save tax dollars on the health related treatment you and your family receive. The IRS rules and the rules of the Employee Benefits Plan Council designate eligible expenses and the Employee Benefits Plan Council has the responsibility to interpret these rules and make all decisions as to an expense's eligibility. Once you enroll, you may submit claims for services incurred on or after the first of the month after you have completed one full calendar month of employment.įlexible Spending Account (FSA) plan options are administered by WageWorks. Your total contributions to each account are prorated by the number of months you participate in these options up to the maximum monthly amount allowed for each account. For monthly payrolls, the full reduction will be taken once a month after your first full calendar month of employment. Your paycheck reductions for the spending accounts will start the 15th of your first full calendar month of employment.
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