40. JONAS. ALL GOOD THANK YOU, CAITLIN. MANY OF YOU MAY MAKE A NEW YEAR’S RESOLUTION TO SAVE MORE MONEY. IT SOUNDS EASY, BUT MANY PEOPLE DON’T FOLLOW THAT GOAL. FINANCIAL EXPERTS SAY IT STARTS WITH THE MINDSET AND THE REST IS UP TO YOU. THE CONCLUSION IS THAT WE ALREADY KNOW WHAT WE SHOULD DO ABOUT THE MONEY. IT’S THE BEGINNING OF THE NEW YEAR, AND SETTING THAT ANNUAL BUDGET CAN BE A LOT. PROFESSOR OF FINANCIAL PSYCHOLOGY AND CREIGHTON DR. BRAD KLEIN SAYS THE FIRST THING YOU SHOULD DO IS IDENTIFY YOUR TOP THREE FINANCIAL GOALS AND THEN VISUALIZE THOSE GOALS. THIS IS A VERY POWERFUL PSYCHOLOGICAL TRICK. DON’T JUST THINK, OH I NEED A SAVINGS ACCOUNT. WHAT IS THIS THING FOR? MAKE HIM ATTEND YOUR VALUES. HE SAYS IT’S BEST TO AUTOMATE THOSE PAYMENTS AND GET THEM OUT OF SIGHT AND MIND. GET YOUR CHECKING ACCOUNTS AUTOMATICALLY MOVED TO THAT SAVINGS ACCOUNT OR YOUR CHECKING TO 41K. PUT IT IN MOTION. MICAH JOHNSON IS BUDGET HEAVEN FOR SUCCESS IS LIFESTYLE. LET’S BE HONEST, SHE SAYS IF YOU WANT YOUR BUDGET OR SAVINGS PLAN TO WORK, YOU HAVE TO BE SERIOUS. SO IT’S REALLY IMPORTANT TO MAKE SURE YOU’RE NOT ONLY SAVING BUT SAVING, WHICH I LIKE TO SAY IS PAYING YOURSELF FIRST, SHE SAYS. BE PRACTICAL ABOUT THE BUDGET. SO WHEN YOU WRITE IT. KNOW THE REAL NUMBERS FOR YOUR INCOME, DEBT AND EXPENSES. PRACTICAL STEPS YOU CAN TAKE EVERY DAY. IF IT HAS BEEN 3 TO 5 MINUTES, LOOK AT YOUR BANK STATEMENT. YOU HAVE TEXT ALERTS ONLINE BANKING, MOBILE BANKING, BUT ALSO PAYING ATTENTION WITH AUTHORIZATION THROUGH YOUR APP, YOUR ACCOUNT AS WELL. SOME TIPS INCLUDE AVOIDING FOOLISH INVESTMENTS, CONTRIBUTING AMOUNTS LESS TO YOUR O1K, GROWING OVER TIME AND FUN SAVINGS TO REALLY CHALLENGE TO MEET YOUR FINANCIAL GOALS. PERSONAL FINANCE IS QUITE BORING AND I THINK IT’S USEFUL
Financial experts give advice on budgeting and making a financial New Year’s resolution
Updated: January 8, 2023 at 1:37 PM CST
It’s the start of a new year, and setting that annual budget can be a lot. Financial psychologist and Creighton professor Brad Klontz said the first thing you should do is identify your top three financial goals. “Visualizing those goals, this is a very powerful psychological trick. Don’t just think, ‘Oh, I need a savings account.’ What is this thing for me? Make it attached to your values,” Klontz said. He said it’s best to automate those payments and keep them out of sight and out of mind. “Get an automatic move from your checking account to that savings account or from your checking to your 401K. Get it going,” Klontz said. Nicka Johnson is the CEO of Budget to Success. She said if you want your budget or savings plan to work, you have to be serious. “It’s really important to make sure you’re not only budgeting, but you’re saving, which I like to say is paying yourself first,” Johnson said. One thing she recommends is being practical about budgeting, saying that when you’re writing your budget, know the actual numbers of your income, debt and expenses. “Practical steps, what you can do is every day. , if it’s been three to five minutes, look at your bank statement. You have text alerts, online banking, mobile banking, but you also pay attention to what’s authorizing through of your account,” Johnson said. Klontz and Johnson recommend using apps to help you budget, but when it comes to those popular installment payments. -Application options, they said not to move away. Some other tips include avoiding lump sum investments, contributing smaller amounts to your 401k, then increasing it over time, and making saving fun to really challenge yourself to reach your financial goals. “Personal finance is pretty boring, and I think it’s useful to make it exciting,” said Klontz.
It’s the start of a new year, and setting that annual budget can be a lot. Financial psychologist and Creighton professor Brad Klontz said the first thing you should do is identify your top three financial goals.
“Visualize those goals, this is a very powerful psychological trick. Don’t just think, “Oh, I need a savings account.” What is this thing to me? Make it stick to your values,” Klontz said.
He said it’s best to automate those payments and have them out of sight and out of mind.
“Get an automatic move from your checking account to that savings account or from your paycheck to your 401K. Get it going,” Klontz said.
Nicka Johnson is the CEO of Budget to Success. She said if you want your budget or savings plan to work, you have to be serious about it.
“It’s really important to make sure that you’re not only budgeting, but you’re also saving, which I like to say is paying yourself first,” Johnson said.
One thing he recommends is being practical about budgeting, saying that when you’re writing your budget, know the actual numbers of your income, debt and expenses.
“Practical steps, what you can do is every day, if it were for three to five minutes, look at your bank statement. You have text alerts, online banking, mobile banking, but also pay attention to what you authorize through your account,” Johnson said.
Klontz and Johnson recommend using apps to help you budget, but when it comes to those popular four-option payment apps, they say stay away.
Some other tips include avoiding lump sum investments, contributing smaller amounts to your 401k, building it up over time, and making saving fun to really challenge yourself to meet your financial goals.
“Personal finance is pretty boring, and I think it’s helpful to make it exciting,” Klontz said.
