There is a lot of uncertainty around the economy and that may have you questioning how to best keep your finances on track. Financial experts tell the Associated Press, a good first step is to know your starting point with your finances. They suggest looking at your budget or your debit or credit card expenses to understand how much you are spending each month. If you need to create a budget, the budgeting worksheet on CHFA’s website is a resource to help.

When it comes to saving money, it may feel more difficult with higher prices right now. A recent survey from NerdWallet found Americans are saving 23 percent of their take-home pay on average in a typical month. But nearly a quarter aren’t sure how much they’re saving, and 10 percent aren’t regularly saving any money.

Whether you want to start saving or just want to set aside more money than you are currently, there are ways to make it happen.

1. Set savings goals: Come up with a specific and realistic goal for the amount of money you want to save each month. NerdWallet’s financial experts say it could be just one percent more than you are currently saving. That may seem like a small amount, but it can add up. You could then increase how much you’re saving by one percent a year. Monthly check-ins on your budget can help you identify when you’re overspending.
2. Automate transfers: Pay yourself first by setting up automatic transfers from your checking account to your savings account each month. NerdWallet’s financial experts say this technique can be particularly helpful when your savings account is dedicated to a specific goal like building a down payment to buy a home in the future.
3. Tackle debt to save on interest: Financial experts recommend prioritizing paying off high-interest debt like your credit card first. You can do this by making extra payments or paying more than the minimum payment when you can. You’ll save on the total interest you have to pay. If you can’t make too much progress paying down credit card debt, financial experts recommend trying to reduce the amount of credit you’re using.
4. Cut monthly bill costs: Could you downsize your cable package or change your internet or cell phone plan? Financial experts say it could be worth calling your provider. Many are willing to adjust pricing to keep you as their customer. It is also worth checking if you’re paying for subscriptions you don’t use or need anymore. Reviewing your credit card or bank statement can help you flag recurring expenses you don’t need.
5. Save when you shop: It could be helpful to give yourself a cooling off period between when you’re thinking about buying a certain item and when you actually buy it. Financial experts say it could be as short as a 24-hour delay to decide whether you really want or need the item. Sometimes if you’re shopping online and you put the item in your cart and walk away, the retailer may offer you a coupon code. Your birthday can also be a great time to cash in on discounts. NerdWallet has a list of places to get free things on your birthday.

If your savings goals include buying a home in the future, it can be helpful to understand the true costs of homeownership. CHFA has a resource to give you a better idea of what you need to be saving for in addition to your mortgage payment. 

CHFA’s 2025 David W. Herlinger Golf Tournament will be held Tuesday, August 12th, at Arrowhead Golf Club in Littleton. This year’s beneficiary is Montbello Organizing Committee (MOC). MOC is a nonprofit organization dedicated to energizing and supporting stakeholders and resident leaders in Denver’s Montbello neighborhood in their efforts to proactively and responsibly tackle the critical issues impacting their quality of life. MOC identifies and addresses many challenges the community faces, including lack of affordable housing. Since 2013, MOC has worked with residents to organize their voices and activate their intentions through community engagement activities.

Colorado Housing and Finance Authority

www.chfainfo.com