New Year resolutions. better personal financial strategies

IMPLEMENTING BETTER FINANCIAL STRATEGIES. MEREDITH: JOINING ME NOW IS ROCHELLE SMITH TO TALK ABOUT PERSONAL FINANCE, PERSONAL GOALS, AND THAT’S ALWAYS A RESOLUTION FOR SO MANY PEOPLE TO GET INTO A FLOW. WHAT ARE YOUR SUGGESTIONS? >> EVERY YEAR PEOPLE MAKE DECISIONS. AND THE TOP OF THE LIST IS MANAGING FINANCES BETTER. WHAT I WANT PEOPLE TO DO IS LOOK AT WHAT THEY CAN DO IN 2023 AND BEYOND. I THINK THAT MAKES IT EASIER, THE FIRST THING YOU WANT TO DO IS WORK ON YOUR MINDSET. IF YOU’RE TALKING ABOUT MONEY, YOU WANT TO HAVE POSITIVE MONEY LANGUAGE. DO YOU WANT TO DEVELOP A GOOD RELATIONSHIP WITH YOUR MONEY AND A GOOD ATTITUDE TOWARDS YOUR MONEY? SAYING AROUND I’M BOUGHT, I DON’T HAVE ANY OF THE TYPES OF LANGUAGES YOU WANT TO CHANGE. ARE YOU SAYING, I AM BUILDING OR WORKING WEALTH AND ALLOCATING MONEY IN DIFFERENT AREAS? MEREDITH: I JUST FAMILIES FEEL BOOSTED IN VAN, CREDIT CARD DEBT, THERE IS SOMETHING ABOUT KEEPING THE LIGHTS ON. WHAT DO YOU SUGGEST PEOPLE DO? >> WRITE THINGS DOWN. THIS WAY YOU CAN SEE CLEARLY ON THE PAPER WHAT IS COMING IN AND OUT. BASKET B NUMBER ONE AND THEN SET MONEY GOALS. RAISE A FIVE-YEAR, 10-YEAR PLAN SPECIFICALLY FOR ENTREPRENEURS, BUT HAVING THOSE GOALS IS GREAT BECAUSE IT HELPS CREATE SPACE SO IF YOU’RE TRYING TO MAKE A CHANGE YOU’LL MAKE A SHORTER PERIOD. MEREDITH: YOU ARE TYPICALLY CROSSING THOSE GOALS TO PAY OFF THE DEBT OR BUDGET TOWARDS ENCOURAGING PEOPLE TO CONTINUE ON THIS PATH. >> THIS IS A GREAT WAY TO MAKE SPACE IF YOU CHECK OUT THE THINGS THAT MAKE YOU FEEL MORE BECAUSE YOU WANT TO DO MORE. AND THE FIRST THING IS WE NEED A GOOD TRACKING SYSTEM SO THAT YOU TALK ABOUT TRAFFIC, TALK ABOUT COSTS AND INCOME, HOW DO YOU TRACK THOSE THINGS. THERE IS EXCEL TABLE, WE’VE ALWAYS HAD THEM. BUT TECHNOLOGY HAS MADE IT EASIER. THERE ARE SOME GREAT APPS YOU CAN DOWNLOAD TO HELP YOU TRACK YOUR INCOME AND EXPENSES. IT IS SUCH A SYSTEM OF ENVELOPES TO PUT MONEY IN DIFFERENT ENVELOPES. YOU CAN DO IT ONLINE. MEREDITH: DO YOU THINK THEY REALLY GET WHAT PEOPLE SHOULD BE FOCUSING ON AND HOW TO SPLIT AND THE PERCENTAGE YOU SHOULD BE SPENDING IN THIS AREA? >> YOU WANT TO GO WITH A WORKER FOR YOU? THEY ARE VERY COMPLEX, SOME PEOPLE WANT TO FOCUS RIGHT ON THE BUDGET. AND THEN AGAIN BUDGET HAS ITS PROS AND CONS ALSO SEE WANT TO GO WITH ONE THAT WORKS BEST FOR YOU AND YOUR FAMILY. MEREDITH: FINANCIAL SENSE IS SO IMPORTANT ESPECIALLY FOR PARENTS TO SHOW THEIR CHILDREN. >> WE HAVE A 16 YEAR OLD AND HE THINKS MONEY GROWS ON TREES. Thus – Teaching children to clever money will help them make more decisions as adults and we are adults, we have gone through some difficult times, we have experience in seeing, as those items affect our families. , AND SO IF WE ARE BETTER MANAGERS OF OUR MONEY, WE CAN MAKE THAT GOAL EASIER TO WALK THROUGH STORMS AND CHALLENGES. MEREDITH: DO PEOPLE WANT TO CONTACT YOU OR HAVE QUESTIONS, HOW CAN THEY REACH YOU? >> YOU CAN JOIN MY TEAM MAIL – MY EMAIL LIST. MEREDITH: THANK YOU AND HAPPY NEW YEAR!

New Year resolutions. implement better personal financial strategies

Financial expert Rachelle Smith tells us why good personal finance strategies are important and how to keep our resolve.

Updated: 10:19 AM EST January 2, 2023