Four tips toward financial stability in 2022

January 3, 2022

With a new year – 2022—many of us make New Year’s resolutions, an opportunity to consider some positive lifestyle changes. While some people might want to lose a few pounds or get back into shape, others recognize that it’s a good time to re-evaluate – and improve – their household’s financial situation. Melissa Campino, one of the Food Bank of Delaware’s Stand by Me coaches, offers four tips to move toward financial fitness.

  1. Make a budget. “That’s number one. Without knowing where your money is going, you’re not in control of your finances,” said Campino. “There is no wrong way to budget. It’s basically tracking.” A budget can be app-based for some people, while others prefer a spreadsheet to get a picture of where their money is going, she explained.
  2. Identify fixed expenses vs. flexible expenses. Fixed expenses, explained Campino, are items such as rent and a car payment. Flexible expenses, such as cable and grocery bills, can be reduced. “We try to get rid of expenses,” she added. “People don’t realize how little things add up. Wants often take over needs.”
  3. Start by doing one less. Campino said she works with her clients to help figure out how their money is spent. “Little things add up,” she said, using an example of someone buying a cup of coffee and a donut for $4 dollars every day. “That’s more than $100 a month. Instead of asking them to give that up, I suggest they start by doing one less.”
  4. Start saving with a purpose. Campino suggests clients save some money each week or month – in case of an emergency. “That money has a purpose,” she said.

Campino coaches her clients during a monthly phone call. “I’m here to help them,” she said.

Stand by Me offers free and private one-on-one financial counseling with a skilled coach who is trained to help clients become financially secure. For more information about Stand By Me coaches at the Food Bank of Delaware, click here.

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