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New Year, New Budgeting Goals

Winter Break is right around the corner and we're inching closer to the new year. Try our top 3 budgeting tips to help you meet your financial goals next year!

As you begin planning for the new year, we'd like to share some budgeting tips to help meet your new year financial goals.

​1. Make a List of Expenses

Start by making a list of all of your expenses. Write them down on paper or use our “My Personal Spending List" worksheet. Once you've listed everything you spend money on, evaluate each expense and determine if any of the amounts can be reduced or potentially eliminated.

2. Make Sure Your Four Walls are Covered

When you begin your budgeting and savings journey, it's important to make sure your four walls are covered.

    1. ​Housing (i.e. Rent, Utilities, etc.)
    2. Food
    3. Transportation
    4. Clothing 

It can be helpful to create your budget using these four categories and allocating amounts to each bucket before putting money elsewhere.

3. Bucket Your Savings into Now, Soon and Later

When it comes to savings, there are three primary areas we want to focus on – Now, Soon, and Later.

    • Now: this is savings that helps cover immediate changes to your income, such as shortfalls, or spikes in your expenses. Think of expenses like books, class projects, or tuition.
    • Soon: savings for short-to-mid-term expected goals and expenses, like spring break, potential car repairs or summer vacation. 
    • Later: savings for long-term goals, such as a down payment on an apartment or condo, a reliable car, furniture or appliances.

For additional budgeting and savings tips, check out our Student Education Center or stop by a nearby Member Center to speak with one of our WPCU Financial Coaches.