In Partnership with the Southern Weekend

Budgeting basics to help you meet your financials goals in 2020

Tips to work on your financial wellness in the new year

Sponsored by American Savings Bank

The new year brings with it an opportunity to start fresh. Many people set resolutions like eat better, drink more water, or exercise. Financial well-being is important too! That’s why the experts at American Savings Bank are sharing some budgeting basics to help you reach your financial goals in 2020.

Budgeting is important for all people, but it is particularly important here in Hawaii. The average credit card debt people carry in the state is over $8,000. While Hawaii is a beautiful place to live, it can also be financially challenging. Budgeting is important because it can be a tool to help with this challenge.

The key is to start, which can also be the hardest part. You can start budgeting in three easy steps:

1) Look back at the past month and categorize items as either expenses or income.
2) Determine if you took in more than you spent (and you have an overage) or less than you spent (and you have a shortage). \
3) Flag your expenses as either a “must have” or a “nice to have.”

Going through these steps can be eye-opening as to where you are and are not spending your hard earned money. This can be the foundation to establish target spending levels for the future and prioritize where you want your money to go.

American Savings Bank offers an online Financial Checkup at It’s a quick nine-question checkup that provides a snap shot of your financial wellness as well as a recommendation of where you should focus. This links you to resources the bank has like articles and calculators that may come in handy.

Another foundational tool for budgeting is online or mobile banking. It can provide an easy way to view your past month’s expenses and income – a central place to review your inflows and outflows. Another tool within online banking is alerts. You can trigger alerts to yourself for different types of transactions. For example, if you spend over $100 or your balance goes below $20. This can be helpful for staying on top of your spending to see when and where it is happening.

There are many resources to get you started at, but you can also get more information in person at any American Savings Bank branch. You can also schedule an appointment to meet with a banker with the online appointment tool at

For more information:, Instagram: @asbhawaii, Facebook: American Savings Bank