Thrive On a Dime; Mastering Your Budget and Creating a Value Based Spending Plan That Works For You!
January 2026
The start of the new year is a great time to reflect on what worked (or didn’t work) over the past year with the goals you may have set in 2025. Did you achieve what you set out to do? What do you wish was different? What are the hopes and dreams you have for the new year?
Determine Your Priorities and Values: Managing your finances with a values-based approach is a great way to start the year. What is important to you is very personal and your financial choices should reflect that. Is the newest cell phone what you desire or a trip somewhere warm to escape the Maine winter? Do you need a safe and reliable car or are you okay with public transportation in a walkable neighborhood? By determining what is most important, you will be able to set your goals in a more personalized, effective and achievable way and stay motivated!
Break Up Your Goals: There is an old saying, “Yard by yard, life is hard. Inch by inch, it’s a cinch!” The same rings true for finances. Setting short-, medium- and long-term goals and milestones to celebrate is key to building momentum and staying on track to reaching your dreams.
Benefits of Budgeting: Giving every dollar you earn a “job” not only helps you to stay organized but keeps you fully in charge of your finances. Understand where your money goes and decide if those expenses meet your goals and values. Each time you get paid, assign every dollar of your income so you are in control, not the other way around! Think about automating your bills – it can save you money on late fees if there is a time that a due date slips your mind. Don’t forget to budget for those seasonal expenses like car registrations, winter tires, or school fees. Putting a little away each month will make sure that money is there when you need it!
Develop Mindful Habits And Plan Ahead
Are you someone who tends to shop without a plan? An impulse shopper who can't resist that item on the shelf when you are waiting in line at TJMAXX? We have all been there!
Planning ahead and determining needs vs. wants is the first step in developing healthy money habits that work for you. Grocery shopping, clothing, school supplies? Have a list ahead of time, check for deals and try to reduce impulse shopping. That being said, don’t beat yourself up if you absolutely need to buy that must have clearance item that won’t be there the next time!
List Your Expenses
Make a list of your income, expenses, debt and interest. Organize by categories and determine where adjustments could be made. Are there ways you can cut back? Does your job have discounts on cell phones, cable or car insurance? Will your credit union have a lower rate on your car loan? Can you consolidate your credit cards at a lower rate? Shop around for the best rates and save money!
Look for Resources That Work for You
Are you an excel wizard or live by your paper planner? Love looking into apps that help make your life easier and more manageable? UCU has some great online resources and there are lots of phone apps and worksheets to help you find what works best your style of money management. There are great free podcasts, videos on you tube and books at your local library for free that can help you learn more about long term financial success!
Want to do an even deeper dive? Reach out to University Credit Union and schedule a one-on-one session with one of our Certified Financial Credit Union Counselors who can sit down with you and help you get started off on the right foot in the new year!
