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Practicing Better Money Habits: Spending Tips for a Balanced Financial Life

April 11, 2019 It’s easy to fall into bad habits when it comes to money, even when we don’t really mean to let it happen. A fancy coffee drink here, a “treat yo’self” credit card charge there … it can add up fast. But building good money habits begins with taking ownership of your finances, so you can start turning those far-off dreams of paying off debt or buying a home into concrete plans. Here are a few tips to help you establish good money habits that are both doable and effective.

1. Track your spending

Seriously, track everything! Understanding where your money is going each month will help you identify what you’re doing well and where you could improve. Creating a budget for the first time can be a little overwhelming, so check out our for a simple template to help you get started. We suggest tracking everything you spend for at least three months to get a sense of your average monthly budget, but even tracking one month will give you a good jumping off point.

2. Start with small changes to your money habits

Although thinking big can give you a burst of inspiration, is proven to have better results in the long run. Start with small changes to your money habits that won’t disrupt your routine that much. Living for that daily latte at your local café? Consider limiting your visits to three days a week and bringing a mug from home on the others. Burning through your paychecks? Try setting aside $20 in a each pay period before anything else. These small money habit changes will add up over time and can give you the confidence you need to start going after bigger goals.

3. Add accountability and get support from a financial coach

Practicing better money habits starts with intention and succeeds with accountability. We’re here to give you the support and encouragement you need (kind of like a workout buddy!) to make some of those bigger lifestyle changes. with a Summit financial expert, and we can help you come up with a money spending strategy that’s right for you and your unique financial situation.

4. Celebrate your progress

It’s easy to become overwhelmed by finances (we’ve all been there!). That’s why it’s important to celebrate your progress, no matter how small! Little victories like increasing your savings account or spending less money on non-necessities can add up to real life changes. Remember, it’s not always about the destination — it’s the learning and growth that happen along the way!

5. Repeat and review your money habits often

Repeat this process often. Set up a monthly “money date” to review your finances and see how you’re tracking with your budget. Establishing good money habits won’t happen overnight, but with a few small changes over time, you’ll be well on your way to a better financial future. Not sure where to begin? , and we can help you review your finances and come up with a game plan to get your money habits on the right track. 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