Consider This: How to Stick to a Budget

CONSIDER THIS: Managing money is often a top New Year’s resolution for Americans. According to the 2016 Brain Research Institute, 34 percent of Americans make money-related resolutions at the beginning of a new year. Unfortunately, only 46 percent of people who make a resolution maintain it longer than six months and only 8 percent achieve their goals.

According to the national Foundation for Credit Counseling’s 2016 Consumer Financial Literacy Survey, only 40 percent of U.S. adults said they have a budget and keep close track of their spending.
So, what can consumers do to get on the right financial path this year? Here are a few tips.

Track your spending. Take a week or a month and save every receipt. Add it up and then look at your income. After doing this, ask yourself if you’re saving any money, how much you want to save, and what purchases maybe weren’t necessary.

Put the bare minimum in checking. Only put a budgeted amount of money into a checking account for spending each month and put the rest into a savings account. Making money less accessible can help you spend less.

Get a special savings account. Open a Holiday or Vacation account at your financial institution. These types of accounts—offered by many financial institutions, including credit unions—only allow a certain number of withdrawals each year without being penalized monetarily.

Get a budgeting app. Download an app to your smartphone or tablet to help with budgeting. Many financial apps include budgeting platforms, monthly account monitoring, and tips for getting out of debt. Check with your bank or credit union to see if it offers an app. Or you can check with the Apple Store if you have an iPhone or iPad, or Google Play if you own an Android.

To learn more about credit unions or to find a credit union to join—as well as for further tips and resources—go to

About the California and Nevada Credit Union Leagues: With headquarters in Ontario, CA, the California and Nevada Credit Union Leagues is the trade association representing the interests of more than 300 credit unions in California and Nevada, and their 10 million members. For more information, go to

Tina Ramos-Ingold, Media Relations Specialist
California and Nevada Credit Union Leagues

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