With the last quarter of the year around the corner, it’s a good time to check in on the financial goals you set this year. How are you doing? Are you on track or do you need to make some adjustments? Even if you’ve never set a financial goal before, there’s nothing that says you can’t start now. Being proactive with your finances puts you in a better position to secure your future financial wellbeing.

Whether you are just beginning or need some motivation to keep going, here are a few simple, easy-to-implement strategies for managing your finances.

First, establish your starting point.

We know we say this all the time, but the best way to implement a plan is to know where you are starting from. Do a complete audit to assess your personal financial situation and spending habits. Make notes of your monthly income and expenses and track your daily spending; don’t leave anything out. Organize your expenses and spending in categories, such as rent or mortgage payments, loan repayments, utility bills, transportation, food and entertainment, so you can easily see where your money goes each month. Armed with this data about your spending habits, you can make informed decisions about the way forward.

Then, outline your financial goals

Keeping what you learned from the financial audit in mind, outline some general financial goals like increasing retirement savings, investing, starting an emergency fund or paying off credit card debt. The information from your audit will help you determine what changes need to be made to achieve these goals. 

Finally, create a budget that’s tailored to you

Take some time to develop a budget that works for your financial situation. A simple budgeting approach is 50-30-20 rule, which categorizes your expenses based on needs, wants and savings and can be adjusted based on your short and long-term priorities. For example, since the holidays are quickly approaching, you may find it worthwhile to reduce spending in the “wants” category to put towards saving for the holidays. Speaking of holidays, check out these tips for a budget friendly holiday season.

If impulsive spending is keeping you from sticking to your budget, reflect on the factors that might be influencing this spending habit. Is it a coping mechanism to handle stressful situations? Or are you trying to impress people in your social circles? Explore ways to address these factors that won’t derail your finances. Another strategy is to try being more intentional with your purchases. Taking a moment to consider whether the purchase is a need or a want and how it aligns with your financial goals should help you limit unnecessary spending. 

Co-op Bank has tools to help you manage your finances efficiently, from our eBanking solutions for seamless money transfers or accounts to help you meet your savings goals. Visit one of our branches soon to learn more.