Personal Budgeting Overview
Getting Starting
Personal financial budgeting is a process of managing your money to achieve your financial goals. It involves creating a plan for how you will allocate your income and expenses over a given period of time, such as a month or a year. By tracking your income and expenses, you can make informed decisions about how to best use your money and reach your financial goals.
1. Register Your MyMI Account
- Creating Your Account Sign up for an account with MyMI Wallet, if you haven't already. This will require providing some basic personal and financial information, such as your name, email address, and contact information. Click here for more information on Account & Security Settings.
- Adding Your Wallets: Before creating your budget, you first need to know what your Checking & Savings account balances are. You are also currently able to use MyMI Wallets to represent your Credit Card Accounts and their individual account balances to ensure your capture all of the financial resources you have available. Learn more about our MyMI Wallets and how they work by clicking here.
- Investor Profile: Our Investor Profiles are utilized to help determine your Financial Goals, Preferred Methods of Investments, and more. By configuring these settings, our system will be able to adjust according to your personalized preferences in the future. Complete your Investor Profile by clicking the link below:
- Account Issues & Support: If you are having trouble creating an account or managing your account settings, simply contact us at MyMI Support or via email at support@mymiwallet.com. Our Hours are Operations are as follows: Mon-Fri 8am-5pm (CST) excluded some recommended holidays.
2. Create Your Budget
Creating a budget is an important step in managing your personal finances, and MyMI Wallet can help make the process easy and efficient. To create a budget using this online tool, you'll need to input your income and expenses, categorize them, and set spending limits for each category. Once your budget is set up, you can monitor your spending and make adjustments as needed to stay within your budget.
- Gather your financial information: To get started with your budget, it may be best to gather all of your financial information that you have available. This includes your income, bills, and other expenses that you incur on a regular basis. You may want to use a spreadsheet or budgeting app to track this information. You can also use our Fiancial Data Gathering Template to get started: Download.
- Begin your budget: Based on your financial information, begin adding your Income & Expenses to your MyMI Budget. This will allow you to add recurring and non-recurring income and expenses that you are expecting to pay for the current month. For recurring accounts, you will be able to approve and adjust a Recurring Schedule to forecast those incomes and expenses accordingly.
- Backtracking for the year: To capture your full financial forecast for the current year, you have the ability to backtrack any incomes and expenses that have already been paid. This will allow the MyMI Budget Forecast to be more precise in anticipating what your financial year will consist of completely.
- Track your progress: Regularly review your budget to see how well you are sticking to it and make any necessary adjustments. You may also want to review your financial goals and see if you need to make any changes to your budget to stay on track.
- Determine your financial goals: Based on the result of your current budget, what do you want to achieve with your money? Do you want to save for a down payment on a house, pay off debt, or save for retirement? Identifying your financial goals will help you create a plan to reach them. Learn more about Determining Financial Goals below.
- Seek help if needed: If you are having trouble creating a budget or managing your money, consider seeking help from a financial planner or other professional. There are also many resources available online, such as budgeting apps, financial planning websites, and financial literacy courses, that can provide guidance and support. Find a Local Financial Advisor near you by clicking here.
MyMI Budgeting & Financial Forecasting
MyMI Wallet was specifically designed to assist in providing a more simplistic way in managing your financial accounting and budgeting with our MyMI Budgeting Tool. Allow MyMI Wallet to take care of all the heavy lifting and make life that much easier for you to not only understand your current financial condition, but ultimately improve your financial health and weatlh generation.