Profitt Report: Get your finances into shape this year
Just a few days into the New Year, how’s your resolution looking? Besides getting in shape and losing weight, getting financially fit is up there with top New Year goals. However, by this time next month, majority of resolutions have failed.
“You don't just build muscle overnight, you have to work on it,” said financial professional Mindy McIntosh with McIntosh and Associates in Freeland.
You can’t sporadically hit the gym and expect to build muscle and you can’t build wealth with occasional good money habits.
“We need to budget and plan and know where you’re going, not just over the next one year but three years, five years, ten years, 20 years down the road, how do we continue to start today and plan,” said McIntosh.
Don’t be vague about it: have a specific goal you’re working toward such as paying off a loan, buying a house or retiring by age 62. It’s not a sprint, so McIntosh said to start with a slow jog, such as saving money by packing lunch instead of ordering out.
“It’s going to make you... healthier if you make the right choices and it's going to save you money,” she said.
Next, burn off the fat! In this case, it’s your debt that might be keeping you from saving more money.
“Look at the lowest balance first, let's get that paid off. Once we do, guess what, that might've freed up $20, $30, $50 a month. Now where are we going to target that into? Now we can put a little bit of that into your savings,” McIntosh said.
Last, packing your bag the night before you hit the gym will make it easier. When it comes to your money, don’t wait until the last minute to save money for long-term goals, like retirement. Instead, pack away your money now so you’ll have it when the time comes!
“That’s just what you do, this is just your routine now and you kind of have it embedded into your brain that way,” McIntosh said.
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