New Year’s resolutions for your wallet
Financial expert Rick Rodgers talks to FOX43 about how to keep your finances under control during the new year. Among his tips:
- Start a monthly or weekly budget and stick to it. Anything left over should go into a rainy day fund. Start a holiday spending savings account so you are set for next year.
- Downsize or eliminate hidden or unused benefits of monthly fixed expenses: Your cable TV package, cell and home phone plan, insurance policies, club memberships and other fixed expenses that if eliminated or reduced can save you money each month. Scrutinize all your bills in January and see where you can shave them.
- Do some comparison shopping for your home, health, vehicle and life insurance, gym membership, cell and home phone and all other fixed expenses to see if a switch could save you even more money.
- Make a pledge to bring your lunch 3 days a week, eating out each workday for as little as $5 is costing you about $1,300 annually; $10 per workday is costing about $2,600. You will see a savings and eat healthier and enjoy better food at the same time.
- Make a pledge to brew your own coffee and bring your own low fat, low cal snacks to work, fancy coffee for as much as $4.00 or more a day is a budget killer and can cost you well over $1000 per year.
- Get with your financial advisor and be sure that your portfolio is in order and up to date.