Taking control of your finances is no easy task. Whether you want to save more, pay down debt, or invest wisely, Auburn University Credit Union is here to help with seven easy steps.
BONUS: Keep reading to access our Financial Goal Setting Worksheet to help you get and stay on track!
Step 1: Assess Your Financial Situation
Before setting goals, take stock of where you are financially. Review your income, expenses, debt, and savings. Use this opportunity to identify areas where you can cut back or optimize your budget.
Step 2: Set SMART Financial Goals
SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound. Instead of saying, "I want to save money," try "I will save $200 per month for six months to build an emergency fund."
Step 3: Create a Monthly Budget
A budget is your roadmap to financial stability. Categorize your expenses, prioritize necessities, and allocate funds toward savings and debt repayment. Consider dividing your budget into percentages, such as essential expenses, savings, debt repayment, and discretionary spending, as outlined in the worksheet.
Step 4: Build an Emergency Fund
Unexpected expenses can derail financial plans. Aim to save at least three to six months' worth of expenses in an easily accessible account. You can utilize SMART goals to make building your emergency fund easy. Sub Share Savings accounts from AUCU are the perfect resource for earmarking your emergency fund - simply separate your finances into various sub-shares in one savings account.
Step 5: Review & Adjust Regularly
Financial goals should be dynamic. Revisit your plan monthly to track progress and adjust as needed. Our Financial Goal Setting Worksheet provides a structured way to measure and refine your financial plan over time.
Taking control of your finances in 2025 is achievable with a solid plan and commitment. Auburn University Credit Union is here to support you every step of the way. Visit us at a branch to explore our financial tools and resources. Here's to a financially successful year ahead!