NORTHAMPTON, Mass. (WWLP) – Saving money, paying off debt, and spending less might sound difficult, but they could be within reach.
According to Fidelity Investments, the majority of people who set financial goals last year, like Northampton resident Ingred Nelson, were able to achieve them. “I have had the goal of saving up in the past and mostly it’s worked out. I think the automatic savings every month, have it taken out of your checking’s and put into your savings, is really useful,” she said.
It’s also a good idea to create a budget for monthly expenses, and stick to it. Many people set a financial resolution to pay off their credit card debt in the New Year. Experts say the best way to avoid future debt is by choosing cards that don’t have high interest rates.
Jeremiah Patterson of South Deerfield told 22News he’s found different way to manage credit card debt. “Like many, I think we’ve all been saddled with some debt, credit card debt, so we’ve had some resolutions to pay them down we’ve done pretty well with that. We set a plan and try to stick to it,” he said.
If you have a good relationship with your credit card company, try calling them to ask for a lower interest rate.
Financial advisor Vikki Lenhart told 22News you should always have a plan. “We recommend that folks build an emergency reserve, setting aside money so that if there is an emergency that comes up you can tap that verse having to go to the credit cards, and if you have a real problem, cut up the credit cards,” she said.
You can also keep track of spending habits to help cut back on expensive habits, like traveling or drinking at pricey bars.