Budgeting basics with Walmart MoneyCard
Budgeting basics: A step-by-step guide
Budgeting is key for managing your finances and achieving your goals. However, many people need help with creating and sticking to a budget. Whether new to budgeting or looking to improve your current budgeting practices, this guide is for you.
Step 1: Figure out your income
The first step in creating a budget is to determine your income. This includes your salary, any additional sources of income, and any regular bonuses or commissions. If your income varies monthly, average the past few months for a more accurate estimate. This will give you a starting point for your budget.
Step 2: Track your expenses
The next step is to track your expenses. This includes all regular monthly expenses such as rent, utilities, groceries, and transportation. It is important to also track your variable costs, such as dining out, entertainment, and shopping. This will give you a clear picture of where your money is going and where you may need to adjust. You can review your transactions easily on the Walmart MoneyCard app.
Step 3: Set financial goals
Before creating your budget, it is important to set financial goals. These can include paying off debt, saving for a down payment on a house, or building an emergency fund. Having specific goals in mind will help you prioritize your spending and make it easier to stick to your budget.
Step 4: Create your budget
Using the information from steps 1-3, it is time to create your budget. Start by listing your income and then subtracting your expenses. If your expenses are higher than your income, you will need to adjust your spending. Look for areas where you can cut back, such as dining out or subscription services. It may also be helpful to set a budget for each category of expenses to help you stay on track.
Step 5: Watch and adjust
Creating a budget is a task that takes time to complete. It is important to regularly monitor your budget and adjust as needed. Suppose you find that you are consistently overspending in a certain category. In that case, you may need to reevaluate your budget and make changes. It is also important to review your budget periodically to ensure it is still aligned with your financial goals.
Additional tips for successful budgeting
- Use budgeting apps or spreadsheets to help you track your expenses and stay on top of your budget.
- Consider using Walmart MoneyCard saving accounts to build up different funds like an emergency fund, vacation budget, and more.
- Be realistic with your budget and allow for flexibility. Unexpected expenses may arise, and having some wiggle room in your budget is necessary.
- Reward yourself for sticking to your budget and reaching your financial goals. This will help motivate you to continue budgeting and managing your money effectively.
By following these steps and tips, you can create a budget that works for you and helps you achieve your financial goals. Remember, budgeting is a skill that takes practice, so keep trying and find a budgeting system that works for you. With determination and consistency, you can take control of your finances and achieve financial success.
Cash back, up to $75 per year, is credited to card balance at end of reward year and is subject to successful activation and other eligibility requirements. Redeem rewards using our website or app. You will earn cash back of three percent (3%) on qualifying purchases made at Walmart.com and in the Walmart app using your card or your card number, two percent (2%) at Walmart fuel stations, and one percent (1%) on qualifying purchases at Walmart stores in the United States (less returns and credits) posted to your Card during each reward year. Grocery delivery and pickup purchases made on Walmart.com or the Walmart app earn 1%. For the purpose of cash back rewards, a "reward year" is twelve (12) monthly periods in which you have paid your monthly fee or had it waived. See Deposit Account Agreement for details.
Opt-in required. Account must have initial eligible direct deposits, must be in good standing and have an activated chip-enabled debit card to opt-in. Ongoing eligible direct deposits and other criteria apply to maintain eligibility for overdraft protection. Only debit card purchase transactions are eligible for overdraft protection and overdrafts are paid at our discretion. We reserve the right to not pay overdrafts. For example, we may not pay overdrafts if the account is not in good standing, or is not receiving ongoing eligible direct deposits, or has too many overdrafts. Overdraft fees may cause your account to be overdrawn by an amount that is greater than your overdraft coverage. A $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid a fee. Overdraft protection is only available on Demand Deposit Accounts that meet eligibility requirements. Log into and refer to your Account Agreement to check feature availability.
Monthly fee waived when you direct deposit $500+ in the previous monthly period. Otherwise, $5.94 a month.
Early direct deposit availability depends on payor type, timing, payment instructions, and bank fraud prevention measures. As such, early direct deposit availability may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your Walmart MoneyCard account to prevent fraud restrictions on the account.
Limits apply. Your funds typically become available on your account within 10 minutes for your use.
Carrier message & data rates may apply.
Monthly fees will continue on locked cards. Previously authorized transactions and deposits/transfers to your account will function with a locked card.
Interest paid annually on each enrollment anniversary based on the average daily balance across all savings of the prior 365 days, up to a maximum average daily balance of $1,000 across all savings, if the primary account is in good standing and has a positive balance. 2.00% Annual Percentage Yield may change at any time before or after account is opened. Annual Percentage Yield is accurate as of January 2026. Fees on your primary account may reduce earnings on your savings account. See Deposit Account Agreement for terms and conditions.