This is a sponsored post with BECU. All opinions are my own. 

I’m excited to partner with BECU this year to share how they’ve played a large part in my personal financial journey. BECU is a Washington-based credit union committed to increasing the financial well-being of their members and communities through budgeting tools, Financial Health Checks, and more. 

Our financial well-being is an important factor in maintaining our overall well-being. Although everyone’s financial situations are subjective and unique, it’s important to take foundational steps that can help set us up for success - no matter where we might be in our personal financial journeys.  By partnering with BECU, I’m hoping to share my own journey and the tips I’ve learned along the way to help improve your financial well-being, too. 

Personally, I have a complicated relationship with money. It can be a great source of happiness, stress, and anxiety. In the world we are currently living in, external stressors such as reduced job hours, unemployment, and a drop in income - scary news for most everyone, but especially for early career professionals like myself- have been further heightened by the uncertainty we are all facing.

Being a child of immigrants, I have seen my parents rebuild their lives after moving to the U.S. without very much. I grew up watching them work tirelessly trying to make ends meet. They were very intentional about money since they didn’t have much of it. I witnessed first-hand the discipline it took to achieve their American dream of owning a home. There was a principle in our household - my parents disliked owing money. They always told me to do my best to not borrow money from anyone unless it was absolutely necessary and I could guarantee that I was able to pay them back. This ethic also took shape in the form of paying off their credit card each time they used it and continually stressing the importance of keeping a low balance to maintain a good credit score.  Nonetheless, although having this knowledge was helpful, I’ve still bumped my head a few times throughout my own financial journey. A big part of this growth has included viewing my finances as a natural part of my greater well-being. Feeling financially secure has resulted in positive health effects in my life, particularly when it comes to reduced stress, anxiety, and sleeping problems.

Paying attention to my financial wellness has enabled me to pay down my debt significantly, build (and maintain) a strong credit score, and fund my travels abroad. My financial journey hasn’t been the smoothest, but I’ve learned a lot along the way.

Here are some tips to manage your financial well-being

UNDERSTAND WHERE YOUR MONEY IS GOING

It’s imperative to understand where your money is going. I recommend creating a very detailed list of all your expenses, including recurring (i.e. rent, car loan, and utility bills) and one-time payments. Aside from my monthly budget for expenses and saving, I also map out funds specifically for travel. I like to plan ahead for my trips, and doing so has saved me a lot of money in the process. After I select where and when I want to travel, the first part of the process is identifying big-ticket items such as flights and accommodations (for example, do I want to stay in a hostel or a hotel?). Then I factor in possible expenses for visas, health vaccinations and insurance, meals, transportation, activities and leave some room for any impulse buys. Before COVID-19, travel was a huge part of my life and I hope it continues to be in the future once it’s safe to do so. Because exploring the world is something that is so rewarding for me, it motivates me to be disciplined while saving for upcoming trips.  

PRACTICE DISCIPLINE

Create a budget and stick to it. Set some parameters around your spending and monitor your finances frequently. I use the BECU Money Manager budgeting tool as a centralized place to view and manage my finances. It’s nice to have an overview of all of your accounts from various financial institutions in one place. This makes it easier to track spending and identify any trends! 

SET SHORT- & LONG-TERM FINANCIAL GOALS

Set goals and be intentional with them. What are your short- and long-term financial goals, and how can you continually assess and adjust to make sure you’re working toward them? Maybe some of your goals include paying off debt, saving for a home and/or a trip, or retiring at a certain age. My biggest financial priorities for a long time were saving up for an emergency fund and paying off my debt, which tremendously boosted my credit score. After graduating from college, I set a goal to pay off my student loans in five years. A few of the ways I was able to achieve this goal was by paying beyond the minimum balance due and also making some adjustments in my budget, such as lessening my shopping sprees, eating out and travel expenses. 

Achieving a goal in a short amount of time is an incredible feeling. However, it’s also important to have some long-term goals that can set you up for financial security in the future. For example, if your employer has a 401(k) or retirement match program, take advantage of that. Don’t leave any money on the table. 

NORMALIZE ASKING FOR YOUR WORTH

There is no shame in asking for fair pay for your work. When you consider a job, do your research on the estimated salary based on your years of experience and level of training. As a Black woman, I have seen first-hand the effects of the pay gap. In the early stages of my career, I found this process intimidating and assumed it would cost me many opportunities. However, throughout the years, I have learned to advocate for myself and ask for my worth even if it brings me discomfort initially. Most of the time, the worst thing people can say to you is “no”. Then you can make the decision on whether or not the job is a fit for you. Consider your options - it’s always best to work in places that value your work and compensate you fairly for it.

BE PATIENT WITH YOURSELF

The learning curve to successfully managing your financial well-being can be overwhelming. Nevertheless, it is completely doable. Empower yourself by starting small and making daily decisions that can positively impact your financial health. Reaching some of the financial goals you have set may take time, and that’s okay.

For me, this process has meant unlearning some unhealthy habits, like dwelling on the past. There are many mistakes I’ve made such as buying things I didn’t need and being charged late fees and interest if I happened to miss payments. If you’ve made mistakes in the past, forgive yourself and practice patience as you make changes moving forward. As you continue to be mindful of your goals and do your best to fulfill them, remind yourself that change is gradual. Also, keep in mind that knowing better doesn’t always guarantee that you do better 100% of the time, so remember to give yourself grace.

CONTINUALLY BUILD YOUR FINANCIAL KNOWLEDGE 

This is an important step. Although I was a business student and took many finance classes, none of my classes taught me about personal finance. This was knowledge I had to seek out on my own, and in some cases, learn the hard way.

When I first became a BECU member some years ago, one of the things I did was a free consultation with a financial expert who helped me outline how to pay back my student loan debt and set up a savings plan in real-time. It is called the Financial Health Check program. It was one of the first adult conversations I ever had regarding personal finance that laid the framework for a more in-depth financial exploration. BECU also offers free financial education webinars to help you better manage your finances and learn how to best adapt to your own financial situation. 

I encourage you to continue to seek knowledge of personal finance, explore ways to reduce debt, and find new ways to better your financial well-being.

I hope you find these tips helpful as you continue your journey toward managing your financial health and well-being. Thank you for reading.