Getting financially fit in the New Year - WTVM.com-Columbus, GA News Weather & Sports

Getting financially fit in the New Year

COLUMBUS, GA (WTVM) - If you set out on the holiday shopping season with no budget or maybe over spent; getting your finances together in the New Year may be a priority.

The holidays can present a lot of pressure to spend big amounts of money. Stores go to great lengths whether it is emails, text messages or sale signs to lure customers in, which can then lead to over spending. Some people planned ahead by creating a budget.  

"The beginning of October we knew what the budget was going to look like, and didn't do any impulse buying," said Denise Galvez.

Others say it's more difficult to stay motivated to follow a plan when everything is appealing due to sales.

"it's going to put a little bit more strain on out budget so we have to budget a little but more," said father to be Steven Swenk.

Becoming financially aware in the New Year may seem like a big goal but financial advisor Tyler Townsend says there are three steps you can take to becoming more financially aware.

"Number one, get your budget in order make sure you're spending less than you earn. Number two, understand your debt and take steps to pay down the debt. It's important to look at your debt and make a real commitment to paying it off quickly.

Which often involves tough choices about where to reduce spending. Number three, make sure you are saving for retirement."

According to CNN over fifty-two billion dollars was spent on black Friday alone and forty percent of Americans will never be able to retire.

Another way to stay out of debt is by putting the credit cards away and using cash. Mr. Townsend showed me a neat trick for staying in budget. Get some envelopes.

Label each one for different things like groceries, clothes, and recreation. Then, place the amount of money you want to spend in each envelope. That will be your budget for the month.

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