Meeting financial resolutions
A new year can mean the perfect time to get your finances in order.
Many people make it their New Year’s resolution to handle their money better. News 25 spoke with Edward Jones financial advisor Wendy Roper about things to keep in mind.
Roper says it is good to know your financial goals and set mile markers when it comes to saving. Set out a budget as well, this will help you see where you need to cut back on spending.
Having an emergency fund is also crucial because you don’t want your savings to become your emergency fund. “We have plans for all other parts of our lives. We get up and try to plan what we’re going to have for dinner. We try and plan what we’re going to do for the weekend. We try and plan pretty much everything, but if we don’t have a financial plan and that is just a huge part of our retirement. We have to figure out how to spend that money wisely especially if we have limited resources,” said Roper.
Roper also mentioned that one of the biggest wastes in spending she sees can be eating out. If you cut back on that it can create a lot of room in your savings and retirement.
Roper says it’s all about seeing where you spend the most and adjusting it.