TOPEKA, Kan. (KSNT) – People are trying to start the new year off right with resolutions ranging from fitness to finance.
Megan Jones is the president of Jones Advisory Group in Topeka. She said first you have to understand what you want to do with your money.
“So if my goal is to maybe attack debt, well then that’s where I need to start, or if my goal is to understand my finances, then I need to start with a budget, and I need to understand where I’m spending my money, what’s coming in, what’s going out,” Jones said. “So I think the number one thing is just understanding what you want to achieve in this next year, 2020.”
Jones said it’s also important to build credit and develop an emergency fund. And no matter how much you make or what your age is, it’s a good idea to talk to someone about money.
“Getting the guidance of somebody will help direct you so that next year at this time we’re in an even better position,” Jones said. “It’s like if you want to really attack your health, well, you might get a nutritionist, you might get a trainer, you might go to the gym. It’s the same thing with your finances,” Jones said.
She also said that if you create a budget, it’s important to plan for bigger spending months like summer vacations and holiday gifts.
CNBC released a list of the top 10 financial New Year’s resolutions. You can find it here.