DULUTH, MN– It’s been a challenging 12 months for most, but with a new year comes new opportunities like; being smarter with your money.
MPPL Financial Advisor, Brian Resch said Thursday there are multiple ways to get your finances on the right track in 2021 and they all start with patience.
“We see year after year people set resolutions, they’re on the bandwagon for a couple of weeks and then they fall off,” said Resch.
Budgeting is also key.
“It really helps to avoid impulse buys.”
Resch adds after getting into that mindset start by setting small goals.
“There is a lot of opportunities to make a big impact with even small adjustments if you stick to it.”
If you are drowning in credit card debt Resh suggests looking into possibly transferring debt into a new credit card.
“You might be able to get a low interest or no interest credit card that you can transfer that balance to and make a point to pay it off before the end of that time period runs out.”
For those wanting to save for long-term retirement goals, Reschs suggests making contributions to IRA or Roth IRAs.
“Roth IRA’s are a little bit more flexible in that you can get your principle the amount you contributed back out under certain circumstances prior to retirement age.”
Resch adds with a traditional IRA there could be barriers and penalties for taking money out.
Having a financial nest egg can also help you in the long run and set you up for success in the new year.
“Having an emergency fund, you can access in time of debt is absolutely critical for financial security,” said Resch.