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DELMARVA – 2023 is coming to an end and some Americans are looking to start the new year by taking control of their finances.
A recent survey from Forbes Health shows that 38% of participants say better money management is a top priority.
Local Financial Advisor Jonell Malone said that starts with creating a plan, He added that the biggest goal on that should be finding ways to eliminate the debt you currently have. “Some strategies you can utilize include debt stacking. Normally there’s debt stacking calculators you can pull up on google and utilize to help reduce your debt. You can also connect with a professional or even an accountability partner,” Malone said.
Malone also stressed the importance of making a budget. He told 47ABC that you should save between 5-10% of your monthly earrings.
Once you get into that habit, Malone said you may find other ways to eliminate other bad spending that no longer serves you. “You have to pay yourself first because that’s so essential when it comes to developing your retirement, your savings, and even if you want to buy a home. We have to delay the instant gratification to get to that end goal we want for ourselves financially,” he said.
Malone also suggests contacting your financial institution about what kind of options they offer to help you earn money including high yield savings accounts.
To connect with Malone and find out more about the services he offers click here
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