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January 20, 2023
New Mexico’s Legal & Financial Weekly
Vol. 10.103 No. 3
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Spending and Saving Strategies for 2023
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he past few years have upended many perceptions of financial stability. A layoff or career change, inflation never before seen by younger generations and the lingering uncertainty of the pandemic might have thrown off your financial planning. The new year is a great time to review your strategies for smart spending and saving so you can weather whatever the future has in store. Financial planning professionals suggest that you start by creating a budget. Online trackers such as Mint.com can help you understand your spending. Also, reviewing your expenses with a CERTIFIED FINANCIAL PLANNER™ professional is a great way to get a handle on spending smart today while saving for tomorrow. Try these tips for saving and spending in 2023: Use credit responsibly: Pay off credit cards each month, if possible, to avoid accumulating debt and build good credit.
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Review your retirement plans: The new year may bring changes such as buying a home, updating a will or navigating a higher tax bracket. A CFP® professional can provide a new year review to keep your retirement plans on track no matter where you are in your working life. Plan your t a x payments: Consider paying estimated t a x e s throughout the year to avoid a large tax bill in April. Estimated tax payments can be especially helpful for contract workers or freelancers who don’t have taxes taken out of their pay automatically.
Set up automatic savings: You can do this through your bank and via your employer’s payroll. Use the new year to take a fresh look at the savings options through your employer, including Health Savings Accounts Shop smarter: Combat inflation by switching to store brands for some items. (HSAs), which can be carried over from one year to the next. Check whether generic medications will work for you and compare prices for different pharmacies. Invest windfalls: Invest any unexpected cash, such as bonuses or tax refunds, and make your money work harder for you. If you find yourself with significant Visit LetsMakeAPlan.org for more information about financial planning and new assets, such as an inheritance, a CFP® professional can help you make the how to find a CERTIFIED FINANCIAL PLANNER™ professional near you. most of your good fortune. -(NewsUSA)
Small Businesses Seek Talent, Technology to Succeed
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tarting and maintaining a successful small business is a challenge in any setting. For rural entrepreneurs, that struggle is even greater when it comes to accessing capital, high-speed internet and quality workers, according to a survey from SCORE, a nonprofit organization dedicated to helping small businesses since 1964.
they’re challenged by a lack of technological knowledge or assistance.
Rural business owners report higher expenses and fewer customers than non-rural counterparts, according to the survey. Rising fuel costs (49.3%), slowing customer spending (48.6%), tight marketing budgets (47.6%) and a limited local customer base (34.6%) are their most vexing customer-related challenges. In addition, rural businesses are 26% more likely to have trouble finding qualified employees, says SCORE.
Planck has worked with SCORE mentor David Bunis for 10 years, most recently on staffing- retention issues. “I was advised by SCORE to work with local colleges to recruit paid student interns,” says Planck. “This has helped me greatly throughout the last two years.”
“As a small business owner in a rural area of Erie County in Western New York, it has been challenging over the last decade to attract staff, being at least a 30-minute drive from the city of Buffalo and the surrounding suburbs,” says Kerry Planck of Alpine Made LLC in South Wales, N.Y. “My latest long-term SCORE’s Fall 2022 Megaphone of Main Street: The Small Business Rural/ employee, who lives 30-plus miles away, recently quit, due in part to the long Urban Divide surveyed more than 3,000 entrepreneurs and discovered that commuting distance and higher gas prices,” she adds. “I generally give sixpopulation shifts away from rural areas are challenging small business owners month raises to my employees; however, they have not kept up with current in desperate need of reliable talent and technology. inflation levels.”
Noting that the technology gap between rural and non-rural businesses persists, SCORE’s survey found that twice as many rural entrepreneurs (19.2%) compared to non-rural entrepreneurs (9%) struggle with access to broadband/ high-speed internet, making it harder for them to conduct business, reach customers and grow. Small businesses in both rural and non-rural areas say
SCORE provides tangible solutions for all entrepreneurs in the form of free mentoring from small business experts, as well as online tools and workshops. Local SCORE chapters also offer in-person events and roundtable discussions. Since 1964, SCORE has helped 11 million entrepreneurs start or grow a business. Visit score.org for more information and to download the complete Megaphone of Main Street: The Small Business Rural/Urban Divide data report. (NewsUSA)