Money Management + Loans & Funding Opportunities
📅 Date: April 10, 2025
👩🏫 Presenter: Ruth Kaneko, BECU Financial Educator
Overview
Thank you to everyone who joined us for the “Manage Your Money” workshop! We had a great session filled with practical tips and strategies to take control of your spending, set achievable financial goals, and build healthier money habits.
📌 What Is a Spending Plan and Why You Need One
A spending plan is a tool that helps you track where your money goes, set priorities, and create more financial stability. It’s about making your money work for you.
💡 Money Management Strategies Shared:
- 50/30/20 Rule: A simple guideline that recommends allocating 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment.
- Envelope System: Helps manage cash by dividing it into labeled envelopes for specific expenses.
- Zero-Based Budget: Every dollar is assigned a job—nothing is left unaccounted for.
- Bonus Tip: Choose what works best for you—paper planners, digital apps, or hybrid methods!
🧮 Creating a Spending Plan – Step by Step:
- Calculate Your Income: Know how much you actually earn.
- Set Realistic Savings Goals: Pay yourself first! Start with goals like building an emergency fund or saving $375 per month.
- Plan Your Spending: Understand fixed vs. variable expenses and create “sinking funds” for future costs like vacations, car maintenance, or birthdays.
🚫 Budget Busters to Watch Out For:
- Calculate Your Income: Know how much you actually earn.
- Celebration & Holiday Costs (e.g., birthdays, anniversaries)
- Impulse Buys & Unexpected Expenses (e.g., takeout, pet care, late fees)
- Seasonal Costs with Kids (e.g., summer food, camps, school fees)
- Unrealistic Budgets & Lack of Flexibility
- Set Realistic Savings Goals: Pay yourself first! Start with goals like building an emergency fund or saving $375 per month.
- Plan Your Spending: Understand fixed vs. variable expenses and create “sinking funds” for future costs like vacations, car maintenance, or birthdays.
🛠 Helpful Tools & Resources:
- BECU Financial Health Check – free support to assess your financial wellness
- Zogo App – gamified financial education
- Free Webinars & Counseling – explore budgeting, credit, and debt support at BECU.org
❓Questions
Ruth Kaneko
📧 Ruth.Kaneko@becu.org
Thanks again for participating—here’s to making smart, confident money choices this year!