Every year, people in the Parkland make New Year's resolutions.
Common resolutions are to eat healthier or exercise more often, but probably the most popular one is to get your finances in order.
Luke Love, a Partner at Love and Persson Group, says financial management is easier than you may think.
“The best thing that people can do, is get a good handle on what their monthly expenses are, what they have going into their bank account, and what they have going out on a monthly basis,” said Love. “Then that gives them a good starting point for the rest of the year.”
He says there a few basic things people can do to help with debt management. Instead of keeping a balance on your credit card and making minimum payments, try and pay it off as soon as you can.
He added that he sees a lot of people making minimum payments on their credit cards while having thousands of dollars in a savings account.
“First things first, we should be trying to get all of that money shifted towards paying down that credit card, where you’re paying sometimes 20 percent plus interest on whatever balance you’re carrying over to the next month,” said Love. “Where, in your savings account, you’re lucky to be earning 1 percent.”
He said ideally, you don’t want to be carrying a credit card balance from month to month, but if you are, finding strategies to start paying it down will be helpful in the long run.
Love added that most of the time, like many other New Year’s resolutions, financial management goals are unrealistic. He said the best way to set a realistic goal is to make an appointment with a financial planner.
