How to Be Smart About Your Money – Our Guide

Many people often try to avoid dealing with money and tracking their expenses. Having to add up how much money you’ve spent in the month and budgeting your next expenses can be a bit stressful.

Part of being a responsible citizen is to be able to handle your financial accounts well. Doing some research to find the best bank that has good options for savings accounts and interest rates will help you with your financial needs in the long run.

To make this grueling task a bit more fun, you can start by creating a financial habit that suits your lifestyle so that you can reach your financial goals. Here are a few tips you can follow to improve your financial habits:

Track expenditures by writing them all down

It isn’t enough to just look at the pile of receipts and bills on your table and make an assumption in your head. It’s best to create a table and separate all your expenses so that you can see what you always spend on and what you should stop purchasing.

By dividing the table into sections like “Daily Expenses,” “Monthly Bills,” “Savings Account Balance,” or “Weekly Necessities,” you’ll have a bird’s eye view of your spendings. It will help you create a monthly budget you can work with and decrease unnecessary expenditures.

People are starting to use a bullet journal method in tracking down their expenses, and for them, it works like a charm. It works for people because you’re the one who designs and decides on what you want to prioritize when tracking finances to suit your style.

You must not think of budgeting money as a negative part of being financially responsible. Budgeting your expense will push you to maximize your way of spending, it’ll make you more responsible about what you purchase, and it’ll help you learn how to be cost-efficient.

Be strict about your financial boundaries

Setting financial boundaries will teach you how to be in control of your spendings. Self-control is important, especially when you’re applying financial boundaries in your life. Learning how to say “No” when faced with a decision of having to buy something that isn’t necessary is one way of having good financial boundaries. Another option is to try the “50-20-30” method.

Senator Elizabeth Warren popularized the “50-20-30” budget method, saying that one must divide their money into three: 50% on needs, 30% on wants, and the remaining 20% goes straight to your savings account. If you’re struggling with setting boundaries, adapting this method is a good way to start.

Best to be prepared

The recent global pandemic has caught millions of people unprepared and has made people want to take financial responsibility seriously. Prioritize yourself and be responsible for handling your checks and bills. You don’t want to deal with a stack of unpaid bills and worry about how you’re going to pay them in the future.

Some companies help their employees by automatically transferring a certain portion of their salary to a separate savings account. Consider looking for a credit union that could assist you in achieving your savings goals.


Deciding to take control of your money and how you spend it, and setting boundaries are big steps. You should be proud of yourself! Doing proper research and figuring out the best way for you to maximize your financial and savings accounts will protect you in the long run and will help lessen your financial worries.

Good Neighbors Credit Union is a high-quality, accessible, stress-free credit union in Buffalo, New York. We deliver services, products, tools, and resources that help our members manage their finances and reach their savings goals. Be a member today!

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