Ringing in the new year with an improved budget
With the new year quickly approaching, many people say they want to have a better grip on their finances.
FOX 31 spoke with one local Financial Advisor who says creating a budget in 2018 is the key to meeting financial goals and saving money.
Albany resident Donna Simmons says budgeting is a way of life for her family.
“To me, I’m always budgeting. I’m down to the penny," said Simmons.
Simmons has two teenagers at home who like most, cost a lot of money.
“When they get older, it costs more so you have to budget better and wisely and also, I’m trying to teach them to budget. Every time you get a dollar or two, you don’t have to spend it, save it because you never know what the future may hold," said Simmons.
Simmons says by budgeting every single month, she is able to save money and spend more on herself during the holidays.
“I have my extra money to do what I want to do and like now, since I budget so much, I have time to go to the mall like I’m at now and shop for me and only me," said Simmons.
Edward Jones Financial Advisor Kemble Teague is encouraging his clients to start the new year fresh with financial goals in mind.
According to Teague, now is a great time to look at your spending over the past couple of years to hone in on what you are willing to spend for the next twelve months.
"You kind of know your income picture from your job or career, I recommend you go back the last 12 months and look at your spending to create a new budget for 2018," said Teague.
Teague says now is the time to take care of debt balances so that you can start planning for the future.
“Free yourself down by paying debt to have that freedom to enjoy the money today but also plan for the future whether that’s retirement or sending your kids to college," said Teague.
By creating and maintaining a budget for your family, Teague says you can start the new year fresh and save money for years to come.