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5 major tips for budgeting! 


As we are coming into the new year, we may be starting to feel a slight pain in our wallets. Though our holiday memories are worth more than gold, sometimes we cannot help but think about the money we spent during the holidays. So let us start this new year right with these 5 major tips for budgeting! 

4 Ways to Create a Budget - wikiHow

1. Creating a personal budget  

Entertainment, clothing, and restaurants all can then be accounted for correctly so you can ensure you have enough for all personal needs. By writing down your set prices, rent/mortgage, groceries, cell phone bills and other expenses you can then build a budget that gives your finances flexibility. 

Piggy bank and money

2. Save more 

This may not be surprising, but it remains that there are many ways each one of us can save a few dollars. We can: increase contributions on our 401(k), set up automatic payments to our high yield saving accounts and cut back on unnecessary spending. 

5,784 Credit Score Illustrations & Clip Art - iStock

3. Improve your credit score 

Heading into the new year, we can all make plans to improve our credit scores. Paying bills on time and in full, paying off debts, limiting the number of accounts you possess, and cutting back on spending, all contribute to a healthy credit score.

The Reality of Real-Time Payments - PaymentsJournal

4.  Pay off a credit card entirely & on time 

Research shows that 95% of Americans have a credit card debt close to $5,000. By making a budget to dedicate a select amount of money to pay off your credit card throughout the year, you will find yourself with a clean and happy credit card by the end of it. Paying off your credit card debt on time contributes to a healthy credit score and helps ensure your money stays afloat in your budget.  

Fraudulent Credit Card Transactions | Tips for Avoiding - Noobie

5. Opening a new credit card & keeping track of the ones you have 

While there is no specific amount of credit cards you should have, opening credit cards pulls your credit and could lower your credit score. However, you should not be worried your score will come back up! One thing to consider though is the risk of identity theft or fraudulent use of your credit card. Make it a habit to go through your credit card statements at least once a month. Not only will it help you have an idea of where your money is being spent but catch any transactions you didn’t authorize. Talk to your credit card company to see how they can help if you find anything fraudulent!  


As the new year revs up, we here at the F.W.C are always available to help expand upon your financial goals and walk you through how to budget, pay off debt, learn about credit, save for tuition and more! 

Happy new year and remember we are only a phone call, email, or simple walk-in away! Find us in the union building on the third floor & follow us on Instagram @uofu_financialwellness to keep up with what is going on in the financial wellness U of U world.  


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Last Updated: 12/12/23