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3 Tips for a Better 2020 Budget

3 tips for a better 2020 budget!

Dave: Hello this week we are talking about 3 tips for a better 2020 budget. I am Dave Sullivan here part of the marketing team with People Driven Credit Union. I’ve got a special guest!

Matt: I’m Matthew Gage with Greenpath Financial Wellness.

Dave: Matthew, why don’t you tell us three things people can do to get their budget in line for 2020. What are the first three steps an individual should take to start to black on track with their 2020 budget.

Matt: Yes absolutely, that is a question we’re getting a lot of people asking right now. We have been very busy this year and budgeting is a big part of that. The first thing individuals need to do is look to simplify everything.  There can be a lot of chaos in budgets in 2020, people are kind of scrambling all over the place especially with the holidays behind us.

  1. The first step is to audit finances. Review your previous months’ statement and see where those trouble areas are. Some people can spend a little bit too much on food. Maybe start with something simple like that.

  2. Next they should try to automate most bill paying. It can really help simplify individuals’ finances either through automated bill pay or with a People Driven Credit Union Credit or Debit Card. Setting up an auto-pay is a great way to simplify individuals finances. Then members can stop worrying about all those due dates. It helps them especially in the behavioral science side. Sometimes we trick ourselves into doing something that is unintentional.

  3. Finally, I think and maybe you can say this is the first type of goals really have a goal in – January we’re kind of starting the year off what do I want to accomplish you know and maybe it’s something simple as you know next year for Christmas I don’t want to charge it maybe I just want to draw a forward cash budget that savings in for that year to pay for those Christmas gifts next year that’s it that’s a great way in a simple bowl if you start.

Dave: Matthew thank you so much for that, one thing that you always say about the food. It can be surprising how much people spend on food or coffee. I’m certainly guilty of that. I buy lunch frequently during the week but when I add up how much I spend for that on an annual basis it turns into a lot of money.

Matt: Absolutely!

Dave: What is one thing people can do to save money at lunch, I mean people could always pack their own lunch, right?

Matt: For myself, I have a similar problem. Where I work, we have a cafeteria.  I get an annual  statement to see how much we spent on food and it is surprising.  I set a goal of buying lunch once a week and I’m going to pack a lunch for the rest of the week. I know if I’m doing that once a week, it is okay, eight bucks plus a pop at the cafeteria it is okay. I am so it’s just kind of enforcing discipline.

Dave: If people get overwhelmed with a goal they could break it down to monthly, weekly or even daily goals.

Matt: Absolutely.

Dave: How long has People Driven Credit Union worked with Greenpath Financial Wellness?

Matt: We have been a partner since 2014.

Dave: We have someone here in the Southfield branch and I think we have one in Ypsilanti.

Matt: Yes.

Dave: If he is available, he can meet with members right in our branch offices.

Matt: We provide most of our services through our call center they can call anytime at  (877) 337-3399 if members just want to call and talk to somebody about their budget.

Dave :There is no charge for the call and if they do want to enroll in the program.

Matt: Yes, it depends on the amount of debt members start with but the initial financial counseling is free.

Dave: Thank you Matt!

3 tips for a better 2020 budget
3 tips for a better 2020 budget