Tips for sticking to your financial goals in 2023
Jan 17, 2023, 12:40 PM | Updated: 1:01 pm
SALT LAKE CITY — Research shows Jan. 19 is the day many people quit their New Year’s resolutions, so hang in there if you’re getting discouraged.
In today’s “Save more, worry less,” news specialist Tamara Vaifanua spoke to Rachel Cruze, financial expert and daughter of Dave Ramsey, about how to stay on track with your money goals.
“I recommend people having a $1,000 emergency fund,” Cruze said. “That can seem overwhelming for some. What I would say is create a budget.”
List everything you’re spending your money on. She said that can be eye-opening because you’re probably spending money on wants, not needs.
Cruze recommended making cutbacks and using those savings to build your $1000 emergency fund.
Having a side hustle can also help bring in some extra income.
“Also, getting yourself out of debt, and we teach the debt snowball by paying off your smallest debt first up to your largest,” Cruze said.
She understands people are nervous about the economy. But she encouraged people to not let those financial fears keep them from expanding their wealth.
“Focus on facts. That’s one thing I love about the budgets is you have the number down. You know exactly where your money is going — there’s facts in front of you.”
If you’re new to budgeting, don’t give up and give yourself some grace. It takes about three months, Cruze said, to really get the hang of it, and you can always make adjustments to fit your financial needs.