LAURINBURG – New Years. New money goals?
When the calendar changes every year, a lot of people resolve to save money.
But a Wallethub.com survey indicates that the resolution to save money is quickly broken.
âOnly 42% of decision-makers expect to keep their wish for a full year, which is not a good sign to hope for better money management. Nor the fact that seven in ten people admit to cheating on a New Year’s resolution in the past, âthe survey said.
So how do you keep this resolution and save money?
First Capital Bank Director Kim Denison said a great way to stick with savings in 2022 is to open a savings account and have an automatic draft every payday for enter the account.
âYou don’t see it and you don’t miss it,â she said.
For example, Denison said that if you get paid twice a month and save $ 25 on each paycheck, at the end of the year you save $ 650.
âIt all depends on your abilities,â she said.
Wallethub’s survey indicates that savings aren’t the only way people can increase their income this year. 57% of people plan to invest more in 2022 than in 2021.
Bette Sellers, Edward Jones’ financial advisor, said before investing that it’s important to meet with a financial advisor so you can map your current financial situation.
âYour financial advisor will want to know what you are trying to accomplish and what your timeline is,â Sellers said.
Peter Richon, senior financial advisor for Richon Planning, said investing requires consistency and routine.
âThere are many institutions that want to open a [investment] Account. They make it easy for you. With regular contributions, you will see it build.
Before investing, Richon said that it is important to manage personal debt before looking to profit from investments. He said paying off credit cards, car loans and personal loans should be a person’s top priority.
With the rise of mobile investing apps like Robinhood and Acorns, Richon said these shouldn’t be someone’s only source of investment.
âIt’s more like day trading,â he said.
The sellers added that when investing, don’t panic over something you can see on the DOW ticker at the bottom of the TV screen.
âDon’t overreact to the headlines,â she said.
Cheris Hodges can be reached at [emailÂ protected]