3 Tips for a Better 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 get back on track with their 2020 budget?
Matt: Yes, absolutely, that is a question we’re getting many people asking right now. We have been swamped 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 scrambling all over the place, especially with the holidays behind us.
3 tips for a better budget
- The first step is to audit finances. Review your previous months’ statements to identify the trouble areas. Some people can spend a little bit too much on food. Maybe start with something simple like that.
- Next, they should try to automate most bill paying. It can help simplify individuals’ finances through automated “bill pay” or a People Driven Credit Union Credit or Debit Card. Setting up an auto-pay is a great way to simplify an individual’s finances. Then members can stop worrying about all those due dates. It helps them, especially on the behavioral science side. Sometimes we trick ourselves into doing something unintentionally.
- Finally, and I think this is the type of goal to have in January. We’re starting the year off. What do I want to accomplish? Maybe it’s something as simple as next year’s Christmas. I don’t want to charge it; instead, I might create a forward cash budget to save for next year’s Christmas gifts. That’s a great way to start with a simple goal.
Dave: Matthew, thank you so much for that, which 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 on 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 lunch, right?
Matt: For myself, I have a similar problem. Where I work, we have a cafeteria. I receive an annual statement detailing our food spending, which is surprising. I’ve set a goal to buy lunch once a week and pack 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 is okay. I am, so it’s just 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 partners 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 want to call and talk to somebody about their budget.
Dave: There is no charge for the call, and if they want to enroll in the program.
Matt: Yes, it depends on the number of debt members you start with, but the initial financial counseling is free.
Dave: Thank you, Matt!
Meet the Author: Dave Sullivan
Dave Sullivan is Vice President of Marketing, Sales and Service at People Driven Credit Union, where he helps guide member communications, financial education, and digital growth. With a background in credit education, lending, and member service, Dave focuses on making financial topics easier to understand and more useful in everyday life. His work helps connect members with practical information, helpful resources, and financial solutions that support their goals.
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