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Budgeting Blitz: 5 Steps To Win The New Year

January 3, 2018 Let’s face it, budgeting is no one’s favorite topic. But as we enter the new year with a fresh perspective and full of inspiration for the year ahead, you may realize that now is a great time to start fresh financially too.    Follow these steps to discover what’s possible when you manage your money right.   

1. Track your spending

Start by capturing your monthly expenses (yes, everything!) in our budget worksheet. Summit members can also use our  tool, which pulls in your transactions to help you monitor your expenses and create a budget. We’d suggest logging your expenses over several months to get an accurate picture of your financial situation. 

2. Do the math (or let us do it for you!)

Our budget worksheet automatically calculates your net income for the month. Pretty nice, huh?  Then, once you know where you are financially, you can plan your approach to the new year. One tactic to try is the 50-20-30 Rule. The idea is to plan your budget so that 50% of your income (after taxes) goes toward your essential living expenses. Then, 20% should go toward your financial goals, like paying off debt or saving for a home. The remaining 30% is for you. Spend it on the little luxuries, like clothes, coffees and TV subscriptions, or set something aside to save for a vacation or big-ticket item. 

3. Prioritize your expenses

As for your financial goals, repaying debts with the highest interest rates should be your first priority. Paying off high-interest debt first means you’ll pay less total interest in the long run. And if possible, you should start saving for retirement as soon as you can. The more time you have to grow your money, the more income you’ll have to enjoy in your retirement. With Summit, you can also create nested savings accounts for specific priorities in the shorter term, like family vacations, birthdays or pet care. Not sure how to balance competing priorities? Schedule an appointment with a Summit financial advisor.

4. Eliminate something nonessential 

Try eliminating one thing you don’t really need. Are you signed up for multiple subscription services? Challenge yourself to cancel the one you use the least.  Are you eating too much take-out? Make it a point to cook at least one homemade meal a week. The exercise of eliminating nonessential expenses will put you in the saving mindset. Budgeting doesn’t mean never treating yourself, it just helps you be a little more strategic about which treats you choose.

5. Treat yourself 

And speaking of treats, it’s important to reward good habits. Once you take yourself through a budgeting exercise, treat yourself to something nice (but still within your budget!). May we suggest a bottle of your favorite wine?   Make it a goal to repeat this process quarterly, and you’ll be on track to have your #BestYearYet. Got questions? You know where to . You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA