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As we near the end of 2019, now is a great time to check in with your finances. Take some time over winter break to review where you are financially and get a start on your goals for next year.

Do an end-of-the-year check-in

Reflect on your financial big picture over the last year. How much money did you make? How much did you save? What types of things did you spend your money on? Did you stay within your budget? Did you accumulate debt? The answers to these questions can help you determine where you’d like to be financially and establish goals for next year.

Set goals for 2020

After reflecting on 2019, what do you want to be different in 2020? Do you want to take a trip with friends? Spend less on food? Pay down student loans or other debt?

The path for achieving financial goals often comes down to one thing: saving money. While saving is generally not as fun as spending, it can help us accomplish our goals. Having more savings can also help us feel better if something unexpected happens.

Create a financial goal or two for the next year, and set up a plan and budget to help you accomplish them. For example: If you’d like to spend less on food, revise your budget and consider cooking more meals at home. Review these six ways to eat healthy on a budget and cheap, easy meal ideas to get started.

Make a plan to pay off debts

To begin paying down credit card debt or student loans, prioritize your monthly spending (rent, food, transportation, etc.) and look for places where you can cut back. For example, consider canceling a subscription service for right now. You could use the money you would normally be charged each month to put toward your outstanding credit card balance. Try switching to the free version of Spotify, and re-subscribe to Netflix or Hulu once you’ve made progress toward paying off your debt.

Make an effort to pay more than your minimum payment each month. If you have more than one credit card with a balance, pay off the card with the highest interest first.

Apply for scholarships

Whether you are in your first year or last year at CU, you may be eligible for scholarships. Spend some time over winter break researching opportunities and filling out applications.

There are offered through CU Boulder, and you can apply for scholarships by completing the CU Boulder Scholarship Application through Buff Portal. Most scholarships have a deadline between Jan. 15 and March 13.