Financial Tips Going Into The New Year
Prepared to feel attacked out the gate with this first piece of advice from GMA’s money expert, lawyer and financial services manager Pattie Ehsaei…especially if you run to get coffee daily! Americans spend an average of $140 on coffee a month! Ehsaei says if you are in your 20s and start to invest that amount instead, you could have $2.3 million by the time you retire!
Little expenses like that regular coffee run or eating out a lot can add up to big bucks that could be better working for you. Another tip is to look at subscriptions and bank statements to see if you have fees you can eliminate. Maybe you find streaming services you didn’t realize you were paying for that you don’t need! And finally, automate your priorities. Want to build up savings? Set it up to have a portion of your paycheck automatically go into that account so you are not tempted to spend it.
What about paying off that holiday debt you racked up on your credit cards? Try the snowball effect, where you pay off smaller debts first and minimum payments on bigger balances. Then work your way up to chipping at the bigger debts.