As you set New Year’s resolutions, don’t forget your finances

FARGO, N.D. (Valley News Live) -Losing weight, exercising more, or breaking an old habit are all popular New Year’s goals.

Experts say you should also be setting financial goals for the new year.

“Make sure you have the appropriate amount of savings,” said David Berg, the senior wealth advisor at Bremer Bank. ”Saving is an important thing to do. It’s hard to do if we wait until the end of the year.”

Having an emergency stash can help protect you from the unexpected.

“We typically recommend 3-6 months of emergency, in case, you were to unexpectedly lose your job or unexpected expenses that may come up,” Berg said.

Getting started with your savings plan can be very simple.

“Maybe take 5% of your paycheck out,” said Berg. ”If you dedicate part of your budget to saving monthly or every paycheck, even small amounts will add up.”

Rising prices are still tugging at most consumers’ pockets.

Reviewing your budget can help with finding ways to cut costs.

“Things add up that we don’t expect they would,” Berg said. ”Whether it’s Hulu, Disney Plus, or Amazon Prime. Take a look at all those things. Maybe those are subscriptions you are not using anymore that you can cut out.”

Wealth professionals say putting together a financial plan, ahead of the new year, could be very beneficial.

They add it’s important to be realistic about your financial goals.

“We don’t want to get defeated and not commit to something throughout the year. Just like any of our other goals, health, and fitness. If we don’t set attainable realistic goals, we’re not going to do them,” said Berg.

Financial experts also say looking at maximizing your retirement plan can also help with saving for the future.

Copyright 2022 KVLY. All rights reserved.