How to Manage Your Money Wisely

Finances are top of mind for many households lately, and if you're feeling the pressure, you're not alone. The good news is that managing your money doesn’t require a finance degree or fancy spreadsheets—it just takes a few new habits and a willingness to start. Here in Ohio, you also have affordability on your side, which makes building strong money habits even more obtainable.

Build a Budget that Works in Real Life

The best budget is the one you’ll stick to. Before you start counting every penny, take a realistic look at your finances and your lifestyle. 

Begin with your take-home pay, or what you have left after taxes. Then list out your fixed expenses (i.e., needs), such as rent, utilities, and any loan or car payments. Next, estimate your variable costs (i.e., wants), such as groceries, gas, and streaming services.

Once you have documented your financial big picture, allot some of your income for savings. Even a small amount will add up over time. 

A great way for beginners to start budgeting is to follow the 50/30/20 rule:

• 50 percent of your income goes to needs
• 30 percent goes to wants
• 20 percent goes to savings and debt repayment

Our Home Budget Analysis can help you get started.

Use Simple Tools to Stay on Track

Managing your money wisely doesn’t have to be time-consuming—it just has to be consistent. 

The right tools can help.

Budgeting apps such as Mint, YNAB, or PocketGuard make it easy to categorize expenses and set limits. Many apps even let you link your accounts to track your spending automatically.

7 17 Credit Union’s digital banking tools provide alerts, automatic transfers, and built-in tracking through the mobile app, so it’s easy to stay in control of where your money is going. 

Create (and Stick to) Savings Goals

Saving money gets easier when you have a clear goal in mind. Start with one short-term goal, such as building a $500 emergency fund or planning a weekend getaway, and one long-term goal, such as saving for a down payment on a home or for retirement.

Set up automatic deposits from your checking account, even if it’s only $10 a week. It won’t be long before you start to see your balance grow, which is a great motivator to save even more.

For more tips on saving for big purchases, check out our blog post about vacation budgeting.

Pay Down Debt Without the Stress

Although carrying a significant amount of debt can feel stressful, with a little effort and perseverance, you can take control. The key is finding a payoff strategy that works for you. 

Two time-tested methods for paying down debt are:

• Snowball: Focus on paying off the smallest balances first for quick wins.
• Avalanche: Tackle the highest-interest debts first to save more over time.

If you’re juggling multiple payments, consider refinancing or consolidating your debt for a lower interest rate. And remember, you don’t have to navigate this alone. Read our guide on handling financial stress, “Financial Challenges: Expert Ways to Ease Money Worries,” or schedule a time to talk with one of our financial specialists.

Adjust as Life and the Economy Change

Life changes, and your budget should, too. Costs increase, layoffs happen, and financial circumstances evolve. Revisiting your budget every few months will help you take these fluctuations in stride.

• Review interest rates on credit cards and loans.
• Cancel unused subscriptions or auto-renewals.
• Adjust spending categories as your needs shift.

A regular financial health check goes a long way in keeping your money working for you, not the other way around.

Ready to Take Control? Start Small

You don’t have to overhaul your finances overnight. Start with one step: Draft a budget, set up a savings transfer, and have a conversation. But most importantly, be patient. Every small action adds up.

For example, opening a checking account is a great first move. It gives you a foundation to manage your day-to-day expenses while connecting you to helpful tools and expert support. From there, you can build a comprehensive financial strategy that grows and changes as life happens.

Don’t Go It Alone—Get Support

Asking for help is one of the best ways to manage your money wisely. At 7 17 Credit Union, our team is local, experienced, and always here to help. Whether you need guidance setting new goals, building a savings plan, or tackling debt, you’re not in this alone.

We’re proud to be part of your community and to serve as a trusted partner at every stage of your financial journey.