New year, new budget battle plan - WALB.com, South Georgia News, Weather, Sports

New year, new budget battle plan

Spending less and saving more is key in avoiding debt problems Spending less and saving more is key in avoiding debt problems
Paying off high interest credit is a must in order to save more in the long run Paying off high interest credit is a must in order to save more in the long run
Richard Martin Jr. explains how credit debt can affect your overall funds Richard Martin Jr. explains how credit debt can affect your overall funds
Vic Sullivan talks about the importance of organization Vic Sullivan talks about the importance of organization
ALBANY, GA (WALB) -

January hits and the bills start rolling in, $300 here, $64 there. So, where you do even start? Financial experts say begin by creating a budget then tackle those high interest credit cards and work your way down.

"I can guarantee if you pay off that credit card at 10, 15, 20%, you'll at least save that much in interest you would have paid," Ameris Bank financial advisor Richard Martin Jr. said.

"To us that's just great self reliance, personal responsibility to take care of yourself because there's no one that has a great interest to how any of us do besides ourselves respectively," Wells Fargo financial advisor Vic Sullivan said.

Getting rid of huge chunks of interest will ultimately allow you to invest more green into yourself.

"Bolster your savings," Martin continues. "I recommend at least 6-12 months in a emergency account in the event of a job loss or unforeseen circumstances."

Expert Vic Sullivan feels it's never too early to plan for your future, he says its something people tend to put off.

"Well, I'm just in my 20s, retirement is forever away or I'll start once the kids are out at college and maybe then I'll finally start saving...you're loosing the benefit of time," Sullivan said.

Advisors feel getting financially fit isn't only planning but living by it and keeping track. They recommend uploading your plans to an budget program that automatically organizes your funds.

"You can go on periodically, I'm not saying everyday but every couple of weeks," Martin shares. "Enter in your information and it will print out a nice concise budget that you can see where your money went that month."

Experts say figure out your wants verses your needs and work that into your budget as well, breaking down your goals into smaller steps will help you stick to your plan the entire year.

Paying off debt, spending less and saving more are the key elements in making sure you are making the most from your income.

 

 

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