Meteorologist Eric Burke talks to show regular Johnny Cantrell, from Apprisen, who wants you to add budgeting and saving to your New Year’s Resolution.
The average American budget contains approximately $1,000 a year in savings. That’s $84 mth, $42 bi-weekly, or $21 per week depending on how you’re paid. The key, says Cantrell, is identifying hidden opportunities to squeeze money out of a budget and begin a savings strategy. Often times the most obvious and easiest places to find this additional money is in snacks, lottery tickets, smoking, and eating out.
Johnny has these tips for creating a budget in the New Year:
- Conduct a detailed spending analysis to identify your current position.
- For approximately 2 weeks track your daily spending to identify the areas you might be able to trim expenses.
- Identify your extra paychecks. If you’re paid bi-weekly there are 2 extra pay periods a year and if you’re paid weekly there are 5. Circle them on the calendar and have a plan for them.
- With tax season upon us, develop a specific plan for your refund.
When it comes to your personal budget, money saved is as good as money earned.
To place your potential in perspective: If you could restructure your budget to save $1,000 per year, at 3% interest in 20 years you would have saved $27,676.
For more information, or to schedule a consultation, head to apprisen.com, or call (859) 259-9999.