TROY — Saving money is one of the most popular New Year’s resolutions every year, and a local financial expert is providing information on how to find success doing it.
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Outlook Financial Center CEO Rob Burnette emphasized the high failure rate of New Year’s resolutions related to saving money. He said if you’re intentional about your spending, it can pay off.
“One of the first things we always look at, and this is true when we bring on new clients, is we create and have them dig into their, what we call their spending plan,” Burnette said.
That takes a look at all your money coming in and coming out.
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“It’s basically giving you guardrails,” he said. “And we tell people we want you to put things in that spending plan that are fun.”
Prioritizing savings is vital, according to Burnette.
“If you pay yourself first, you’ll, just like any other payroll thing, you’ll get used to not having that money,” he said.
He added that you’ll then be able to see things you should cut out.
“If one of your goals is to go to Starbucks every morning, no offense to Starbucks, but you think about, after the end of a week, what you spent probably 40, 50, 60 bucks at Starbucks. Do that Friday as a reward, make your coffee at home for 50 cents,” Burnette said.
Another area to evaluate includes recurring subscription services. Burnette noted that many people pay for subscriptions they no longer use.
“A lot of people will say, ‘Yeah, I want to go see this show, but I have to log into this new streaming service to do it.’ They watch the show or the series they’re done with, and they forget about it. Well, trust me, the billing department of that streaming service didn’t forget,” he added.
In order to be successful at saving money, Burnette highlighted the importance of having accountability.
“You have to have somebody (who is) going to hold you accountable,” he said.
He asserts that small changes can pay off big if you’re strategic and focused.
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