HOLIDAYS NEW YEAR
MONEY TALK Saving for the future words Jenna Carda
Spend less, save more—a New Year’s resolution that is easily in many parents’ top five goals for the upcoming year; and rightfully so. Investments are important for families, from buying a house and buying a car, to building a savings fund. But, when it comes to thinking about longterm needs—is it on the top of the list? Here are five steps from local professionals to help you build funds for the future this year. Create a budget It’s that word—budget. Many dread the thought of crunching numbers and being confined to certain spending amounts, but it’s a great base to start. “Every household will have a different view on budget,” explained Josh Campbell, Sales Manager and Business Partner for the Campbell Group. “Start by writing down everything you spend and track a 30- to 60-day record to see where your money is going.” From there, find what you are able to cut. Diapers, groceries, gas—those are necessities, and so is coffee. But, instead of spending $4 per day on a caramel macchiato, try limiting the café visits to once each week. “We call it the Ramen Noodle Budget,” said Aric Lopez, Business Partner for the Campbell Group. “We’re going to control spending to get to where you want.” Stick to your budget Seriously, that word just sticks around. But in all reality, keeping to your budget will help you reach your common goal. Is your goal to buy a new house? How about putting money into retirement? Delegating money to certain pockets will help you get there faster. “Most people are just flying through their day just trying to survive,” said Josh. “But, you can correlate what you spend on your income.”
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Black Hills Parent