New year, new budget: Cargile Investment President and Midland College talk financial reset for West Texans

MIDLAND, Texas — For many West Texans, the first paycheck of the year is already spoken for — rent, groceries, gas and lingering holiday bills — leaving little room to breathe even in a region known for high wages.

Financial experts say rising costs across housing, food and everyday expenses mean many residents continue to live paycheck to paycheck. As the new year begins, some are using this moment as a financial reset, taking a closer look at spending habits and long-term priorities.

“We live in a wonderful area because the average salary out here is the highest in the nation, and our residents should be doing very well. It does take some financial management and discipline,” said Mickey Cargile, president of Cargile Investment Management. “If you feel like you need a financial reset, probably the first thing you need to do is change the way you think.”

Cargile said budgeting is critical. “Every large corporation does it because it works. For most people, you shouldn’t spend more than 30% of your paycheck on housing. And the other place people waste money is food — eating out, DoorDash, Uber Eats. You can’t do that every night and expect not to live paycheck to paycheck.”

Experts stress tackling debt before building savings. “Paying down debt is the most important thing — even before you start saving. Especially if it’s high-interest debt,” Cargile said. He also warned against carrying credit card balances. “The interest rate is so high that you never really pay it off, and a lot of people don’t realize how much it’s affecting their overall budget.”

Hidden costs like subscription services can also add up quickly. “The average person thinks they have three subscriptions, when in fact they have twelve. Because they don’t budget and they don’t know where their money is going,” Cargile said.

Financial counselors say January is a peak time for residents looking to start fresh. “After the holidays, people come in saying, ‘We’re not buying anything else — we’re paying down credit cards.’ That’s what we see the most,” said Victoria Santiago, dean of the Cogdell Learning Center and community engagement at Midland College.

Santiago advises prioritizing savings before spending. “The biggest mistake people make is putting saving after spending. Instead of saving what’s left over, you should decide how much you’re going to save first and then budget the rest.” She adds that setting clear goals — like paying off debt or saving for a home — makes financial planning more effective.

One recommended approach is the debt snowball method. “You pay the minimum on everything, focus on the smallest balance first, then roll that payment into the next debt,” Santiago said.

For those unsure where to start, the Business & Economic Development Center at Midland College offers free, one-on-one financial counseling. “All of our services are free. We’ll pull your credit report with a soft pull, sit down with you, and you leave with an action plan. You can come back every 90 days — we never charge,” Santiago said. She noted services are available in English and Spanish and include guidance for those preparing to buy a home.

As residents look ahead to 2026, Cargile said financial choices come down to one simple truth. “When you’re spending your money, you can make yourself rich — or you can make somebody else rich. You have to decide what’s more important to you.”

The BEDC says appointments are available year-round, offering residents a no-cost way to take control of their finances and start the year with a clearer plan. They can be reached at (432) 684 – 4309, or by clicking here.