SARASOTA, Fla. (WWSB) - With it be being a new year, it’s a great time to start developing smart financial habits.
Financial Advisor, Kumiko Love, who runs The Budget Mom blog said once people are aware of where their money is going, budgeting gets easier. Love recommends to write your expenses down on paper and then identify what unnecessary expenses you have and cut them out.
When it comes to tackling debt, she recommends to write out all of your debt and then identify what is stressing you out. Then prioritize one by one to figure out what you need to pay off first. She recommends to go after the amount with the highest interest rate first. However, Love said if you’ve defaulted on a number of accounts then starting slow with the smallest balance first could be easier.
Lastly, if you have unwanted gift cards from over the holidays that you can’t return for cash, Love recommends to look at who has an upcoming birthday and use the gift card to buy a gift for a loved one.