Simple tips for better money management

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Need help managing your finances?

Managing a personal budget can seem complicated. But, by breaking your wages down into small, simple concepts, controlling your finances can be easy. Here are some simple tips to help with your money management:

Create a financial calendar. Use a calendar to keep track of everything related to your finances. This includes payment due dates, credit card payments, paydays, and more. You should also schedule time each year to sit down and update important documents, like your Will.

Make small goals. Start taking control of your finances by coming up with a series of small, short-term money goals. For example, your first goal could be to have at least $1,000 in your savings account. The quicker you can achieve a goal, the more encouraged you will be to keep going. Once you get into a routine of accomplishment, you can start coming up with more sustainable, long-term goals.

Track spending. If you find yourself constantly trying to figure out where your paycheck is going, it’s probably time to start tracking your spending. Even though it may not seem like a big deal to spend $5 here and $10 there, it doesn’t take long for those small, spontaneous purchases to start adding up. For a full month, record everything that you buy, no matter how insignificant it may be (yes, even the pack of gum you buy at the gas station). Then, at the end of the month, sit down and look at your list. You may be surprised at how many purchases you can cut out just by planning ahead (like buying a multi-pack of gum at a warehouse store).

Be purposeful. When spending money, do so with intent. Make lists when you go to the store and keep to it. Only go to stores that you need to. That extra ‘just for fun’ stop could lead to your budget getting derailed. Being more conscious of how you are spending your money can help you make better decisions in the long run.

Need help managing your finances? Contact the experts at Cyprus Credit Union by calling 801-260-7600 or at