Getting fiscally fit in 2018

If you're struggling to be smarter with money in 2018, don’t fret! There’s still time to get back on track.

Posted: Jan 10, 2018 5:47 PM
Updated: Jan 10, 2018 6:47 PM

TERRE HAUTE, Ind. (WTHI) - We're just over a week into the New Year. If you're struggling to be smarter with money in 2018, don’t fret! There’s still time to get back on track.

Barb DeGrandchamp was a homemaker for many years. She entered the workforce later in life. Now, she’s on the verge of retirement. She says she's seen big changes in people's money habits.

DeGrandchamp says, "The things that do fall by the wayside are sometimes it's the clipping the coupons, stopping at multiple grocery stores for the sales, the planning the meals, the packing the lunches for your spouse or yourself for the next day."

Spending less money is the third highest New Year’s resolution. DeGrandchamp says she focused on this step her entire adult life.

DeGrandchamp recalls, "We didn't spend a lot of money in restaurants, we didn't spend a lot of money on concert tickets or sporting events. We poured it all into the family."

Many grow impatient while trying to get fiscally fit. Edward Jones Financial Advisor Kris Comar says be patient, and focus on consistency.

Comar says, "Being financially stable is kind of like being physically fit. You've got to establish a plan, see where you're at, and work toward those goals. It's a lifelong process. Not a one-day fix, not a thirty day challenge, this is a lifelong plan in process."

If you want change, Comar says you've got to buckle down. He says the first thing you need to do is make a plan. Look at your spending and your expenses. Then, he says to look at your goals. Is it to have a savings account? Would you like to pay off a credit card?

It may seem obvious, but Comar says this often requires you to tighten spending. He says, "Everybody needs to make sure they're living within their means. So a budget ensures that. How much are you making and how much are you spending. You're the only one that can answer that question when you're working on your own budget."

By DeGrandchamp committing to living within her means, she and her husband put three daughters through college. Her biggest piece of advice to her daughters is to save young.

She says, "Save young. If you save young and then stop saving from 35 on then you're still better off than if you start saving at 30 and save until you're 60."

You may look at DeGrandchamp and start to compare your life to hers. Comar says it's important that you focus on your goals and your changes.

He says, "Human response is to first look at what everyone else is doing and how I’m doing accordingly. That's normal. You have to just take that out. So look at what you can do for yourself and your family and plan on that."

If you would like to contact Kris Comar for additional financial advice, you can email him to make an appointment at kris.comar@edwardjones.com.

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