How to be financially fit in the new year
A new year means new year resolutions. For a lot of people that may be getting physically fit, but what about being financially fit?
Statisticbrain.com shows 71% of people who make new year’s resolutions only keep them for the first two weeks, and 34% percent of those resolutions are money related.
Ora Thompson is one of those people resolving to save this new year. She’s cutting back on groceries.
“We usually spend around $100. Today we got about $65 worth,” Thompson said.
“Our yearnings exceed our earnings,” White said.
He said the new year is a great time to start saving.
“I would conduct a
He said to focus on five key tactics.
Spend less than you earn, reduce and eliminate debt, maintain emergency savings, think long term about investing, and goal setting
White said having support system will help with keeping up with your financial goals. Team up with family members or use online financial tools like Mint.com. The safe site combines all your credits cards and bank accounts in one place. Making it easier to set budgets that’ll send you text alerts when you go over and also remind you when bills are due.
White suggests money savers should stick to spending on the essentials.
As for credit cards, White said they are not a problem unless you abuse them. He said paying the interest repeatedly is a warning sign that you’re overspending.