Financial expert offers tips on evaluating your money, setting goals
COLUMBUS, Ga. (WTVM) - Money is something on everyone’s mind and lots of people are looking for ways to better manage their cash.
New calendar years are usually a starting point for many looking to change.
January can be a little rough on the wallet - just past the holidays and before a possible tax refund. It’s also a time when many evaluate things financially. So, that future Januarys aren’t so tough.
“How in the world can I look ahead and say, ‘Alright, how can I get ahead of this?’ Maybe take some where I’m spending a little bit too much on my lifestyle. If I need to put $1200 more this year toward something that means I have a goal of $100 a month I need to put towards that,” said Marc Hall.
Hall has a strong background in finance and he says the process to getting to a better place in life starts simply.
“A goal is not a goal unless it’s written down,” Hall said. “I, myself, use Excel or Word documents, put down certain goals of what you’re trying to do so you can look back on it in February, March, or April -look and see if you’re still on track. If you’re not, make some adjustments.”
Things happen along the way, too. Hall says don’t let it get you down if you get sidetracked with an unforeseen expense like home or vehicle repair.
“Let’s say you get to June or July and something happens unexpectedly and it gets you off of your saving or your paying down track of what you’re trying to do - guess what, take care of whatever that is and get back on track,” Hall suggests.
Finances aren’t one-size-fits-all. Some can accomplish a goal in a year and for others - it make take two.
Hall says it’s all about seeing what you can do, setting the goal, and making the moves to make it happen on your timeline.
“If $5,000 is the goal, I’ve got 12 months. Can I set aside $600 a month? If you can, that’s great. If not, save $300 and take two years to do it. Set that goal. Even if it takes a year, two years or three years and get to doing it,” he said.
Hall is also a believer in incorporating your personal faith into your finances - for him, it’s biblical.
“There’s almost 2,300 verses in the bible that deal with money, stewardship, giving in different ways,” Hall said. “And if we would simply apply those principles that transcendent, they were good 5,000 years ago, they’re good today and until this world ends, and they’re good no matter what your income level is.”
Hall adds that while it may seem to be a huge amount of money, saving a few months worth of your salary is a good idea to help you fight unexpected financial battles down the road.
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