Budget Hacks for Financial Freedom

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Ready to claim financial freedom in 2024? This post is your ultimate guide to saving that sweet cash and slaying the debt dragon in 2024. No magic spells required, just some smart tips and tricks you can use right now.

Budgeting Basics:

First things first, you gotta know where your money’s going. Download a budgeting app, a pen and paper, or use the MyMoney Budgeting tool in our UCBANKMN app! Track your income and expenses for a month. You might be surprised where your spending leads you!


Saving Strategies:

Here are 3 ways to turn that spare change into a stash:

  1. The Envelope Challenge:

This one’s fun and visual. Divide your cash into envelopes for different categories like rent, food, and fun. When the envelope’s empty, that category’s done for the month! Bonus points for decorating your envelopes. (Source: https://www.debt.org/advice/dave-ramseys-envelope-system-explained/)

  1. The 52-Week Challenge:

Start small and save $1 in week one, $2 in week two, and so on. By the end of the year, you’ll have over $1,300! (Source: https://www.youtube.com/watch?v=ntGzxp-ATDQ)

  1. Round-Up Savings:

Use Round-Up Savings from UCB to help you start saving automatically. RUS rounds up your purchases to the nearest dollar and deposits the difference into a separate account that you designate. Every coffee becomes instant savings! ☕️


Debt Demolition:

Now, let’s tackle debt. Here are 2 ways to chip away:

  1. The Debt Avalanche:

Focus on paying off the debt with the highest interest rate first. This might feel slow initially, but you’ll save more money in the long run! (Source: https://www.investopedia.com/articles/personal-finance/080716/debt-avalanche-vs-debt-snowball-which-best-you.asp)

  1. The Snowball Method:

Pay off the smallest debt first, then move on to the next. This gives you quick wins and keeps you motivated. ❄️ (Source: https://www.nerdwallet.com/article/finance/what-is-a-debt-snowball)



  • Small changes add up: Skipping that daily latte could save you hundreds in a year. ☕️➡️
  • Be realistic: Don’t try to save everything at once. Start small and gradually increase your savings over time.
  • Find a money buddy: Sharing your goals and struggles with a friend can help you stay on track.
  • Celebrate your wins! Treat yourself to something fun when you reach a milestone.

Conquering your finances might not be as exciting as slaying a dragon, but it’s more rewarding. So go forth, budget warriors, and slay that debt dragon! Remember, the power is in your hands (and your bank account).

Bonus resources: