SMMC News & Events Blog
This blog highlights news, events, and informative articles on personal finance from University of Illinois System's Student Money Management Center. Feel free to navigate to different categories with the list of topics on the right or search for a specific topic next to the view all link below.

  • Podcast: New Year, New Financial Resolutions

    Dec 28, 2024 12:00 pm by Andrea PellegriniPodcastsBudgetsCreditEducationFacilitator GuidesNewsSaveSpend
    A notebook on someone's lap with the word "Goals" written on the first page

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    • A notebook on someone's lap with the word "Goals" written on the first page
    • Federal Reserve Graph - Percent of US Adults who would cover a $400 emergency expense using cash or its equivalent 2013-2022

    New Year, New Financial Resolutions

    Are you looking to start fresh financially this new year? Join the hosts of Making Cents of Money as they kick off 2025 with a special episode – New Year, New Financial Resolutions.

    Resources Highlighted During the Episode

    Resolutions Sources

    1. Caporal, J. (2024, December 2.). Survey: Optimism grows about keeping financial new year's resolutions in 2025. The Motley Fool. 
    2. White, A. (updated 2025, January 28). Financial New Year's resolutions to set now and how to achieve them. CNBC.
    3. Williams, R. (2024, December 12). New Year's financial resolutions: Get your finances in shape. Charles Schwab.

    Budgeting Resources

    You can watch our Budget Hacks webinar from this past fall for more ideas on how to modify your budgeting strategies this year if that's a goal for you.

    Building Your Emergency Fund

    Between 2013 to 2022 the percent of US Adults who would cover a $400 emergency expense completely using cash or its equivalent (by year) went up from 50% to a peak of 68% in 2021. In 2022, the percent of US adults who would cover $400 emergency expense with cash went down to 63%. 

    Financial professionals will often indicate that you should have anywhere from 3-9 months worth of expenses in an emergency fund. The reality for many Americans is that it is difficult to maintain even a $400 emergency fund, as illustrated by the embedded graph from the Federal Reserve's Report on the Economic Well-Being of U.S. Households. If you're not sure where to start, start saving towards $400 then adjust once you've reached that goal.

    For more on building an emergency fund: Consumer Financial Protection Bureau. (n.d.). An essential guide to building an emergency fund. CFPB. 

    Debt Management Resources

    Other Relevant Making Cents of Money Episodes

    Basic Needs & Aid Programs

    Credit & Debt Management Episodes

    Making Big Purchases Episodes

    Balancing & Prioritizing Wealth Building Goals

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