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Financial Tips and UVU Money Success Center

Tips for Budgeting, Saving, Paying
Off Debt, and Building Credit 

Financial success is within reach for everyone. It doesn’t matter where you come from or what your circumstances are, you can achieve financial success. It all starts with having a plan and then acting.  This article post will provide you with some tips on how to set financial goals, create a budget, save money, pay off debt, and build credit. These tips are based on the latest financial research and are designed to help you reach your financial goals.

Set Financial Goals

What do you want to achieve financially? Do you want to save for a down payment on a house? Do you want to pay off your student loans? Once you know what you want to achieve, you can start creating a plan to reach your goals. Here are some tips for setting financial goals: 

  • Make sure your goals are specific, measurable, achievable, relevant, and time bound. 
  • Break down your goals into smaller, more manageable steps. 
  • Set deadlines for each step. 
  • Track your progress and adjust as needed. 

Create a Budget

A budget is a plan for how you will spend your money each month. It can help you track your spending and make sure that you are not spending more than you earn. There are many different budgeting methods, so find one that works for you. Here are some tips for creating a budget: 

  • Track your spending for a month or two to get a sense of where your money is going. 
  • Create a list of your income and expenses. 
  • Decide how much you want to save each month. 
  • Allocate your spending to different categories, such as housing, food, transportation, and entertainment. 
  • Review your budget regularly and make adjustments as needed. 

Save money

Once you have a budget, you can start saving money. There are many ways to save money, such as setting up a savings account, automating your savings, or cutting back on your expenses. Here are some tips for saving money: 

  • Set savings goals
  • Open a UCCU savings account
  • Set up automatic transfers from your checking account to your savings account. 
  • Cut back on your expenses. 
  • Find ways to make extra money. 

Pay Off Debt

If you have debt, it is important to pay it off as quickly as possible. There are many different debt repayment strategies, such as the snowball method so find one that works for you. Here are some tips for paying off debt: 

  • Make a list of all your debts, including the amount you owe, the interest rate, and the minimum payment. 
  • Choose a debt repayment strategy. There are many different strategies, such as the snowball method and the avalanche method. 
  • Make more than the minimum payment on your debts. 
  • Focus on paying off your debt with the highest interest rate first. 
  • Get help from a credit counseling agency if you need it. 

Build Credit

Credit is important for getting a loan, renting an apartment, or getting a job. There are many different ways to build credit, such as paying your bills on time, keeping your credit utilization low, and getting a secured credit card. Here are some tips for building credit: 

  • Open a Credit Builder Account
  • Pay your bills on time. This is the most important thing you can do to build credit. 
  • Keep your credit utilization low. This means using less than 30% of your available credit. 
  • Get a secured credit card. A secured credit card is a good option for people who have bad credit or no credit history. 
  • Dispute any errors on your credit report. If you see an error on your credit report, dispute it immediately. 

UVU Money Success Center

If you need more help, the UVU Money Success Center can help you. The center’s financial coaches are trained in a variety of areas, including budgeting, building credit, and student loans. They can help you create plans for a budget, savings plan, paying off debt, and improving your credit score. 

The UVU Money Success Center is a free resource for students, faculty, and community members. The center is in the Student Services Building, Room 120. The UVU Money Success Center is sponsored in-part by Utah Community Credit Union. UCCU is a not-for-profit financial cooperative that is committed to serving the community. The credit union offers a variety of financial products and services, including checking and savings accounts, loans, and credit cards.. 

Following these tips can help you achieve your financial goals. Remember, financial success is within reach for everyone. All you need is a plan and a little help.