Money saving tips for the New Year

Photo Credit: MGN Online

CHICOPEE, Mass. (WWLP) – With the New Year less than two weeks away, now is a good opportunity to get your finances in order.

The most common New Year’s resolution for most Americans is save more and spend less.

22News is working for you with tips to bring you closer to your financial goals for the New Year.

With the Federal Reserve raising interest rates for the first time in nearly a decade, now is a great time to start paying off your debt.

Vice President William Johnson of St. Germain investment says budgeting is key. He told 22News people should create an emergency fund for rainy days, to cover unexpected expenses, like a job loss or car problems.

“You know what your paycheck is,” said Johnson. “You know the net amount. Well you need three months of those over here somewhere. Now, the way to get there is to do the budgeting piece.”

Johnson told 22News people should be thinking about retirement, regardless of how old they are.

He suggest you place 10-percent of your income to the side, and budgeting the rest for living expenses.

Johnson teaches a course on money management and says everyone can save, regardless of how much they make.

He recommends people “plan first” and “live second.”

Comments are closed.