New Year’s Resolutions: Better personal finance strategies

New Year’s Resolutions: Practicing better personal finance strategies

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



PRACTICING BETTER FINANCIAL STRATEGIES. MEREDITH: JOINING ME NOW IS ROCHELLE SMITH TO TALK ABOUT PERSONAL FINANCES, PERSONAL GOALS AND THIS IS ALWAYS A RESOLUTION FOR SO MANY FOLKS TO GET ON TRACK. WHAT ARE YOUR SUGGESTIONS? >> EVERY YEAR PEOPLE MAKE RESOLUTIONS. AND TOP OF THE LIST IS MANAGING FINANCES BETTER. WHAT I WANT PEOPLE TO DO IS LOOK AT THINGS 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 LANGUAGE ABOUT MONEY. YOU WANT TO DEVELOP A GOOD RELATIONSHIP WITH YOUR MONEY AND A GOOD ATTITUDE ABOUT YOUR MONEY. GOING AROUND SAYING I’M BROKE, I DON’T HAVE IT, THOSE OF THE TYPES OF LANGUAGES YOU WANT TO CHANGE. YOU WANT TO SAY I’M BUILDING WEALTH OR WORKING AND ALLOCATING MONEY TO DIFFERENT SPACES. MEREDITH: I FELIX ONLY FAMILIES FEEL BOGGED DOWN IN INFLATION, CREDIT CARD DEBT, THERE’S SOME MUCH THAT GOES INTO KEEPING THE LIGHTS ON. WHAT DO YOU SUGGEST FOLKS DO. >> WRITE THINGS DOWN. SO YOU CAN SEE IT CLEARLY ON PAPER WHAT’S COMING AND GOING OUT. BASKET B NUMBER ONE AND THEN SET MONEY GOALS. ELEVATE FIVE-YEAR, 10 YEAR PLAN ESPECIALLY FOR AN ENTREPRENEUR BUT HAVING THOSE GOALS IS GOING TO BE GREAT BECAUSE IT HELPS BUILD MOMENTUM SO IF YOU’RE TRYING TO PAY OFF SMALL CREDIT CARD DEBTS OR SAVE MONEY, THOSE OF THE THINGS YOU CAN DO IN SHORTER AMOUNT OF TIME, TAKE SMALL CHUNKS. MEREDITH: YOU ARE KIND OF CROSSING OFF THOSE GOALS OF PAYING OFF DEBT OR MAKING A SOLID BUDGET, THAT WOULD ENCOURAGE FOLKS TO CONTINUE ON THIS PATH. >> IT’S A GREAT WAY TO BUILD MOMENTUM, IF YOU’RE CHECKING THINGS OFF THAT MAKES YOU FEEL BETTER BECAUSE YOU WANT TO DO MORE. AND THE FIRST THING IS WE NEED A GOOD TRACKING SYSTEM SO YOU TALK ABOUT INFLATION, TALK ABOUT EXPENSES AND INCOME, HOW ARE YOU TRACKING THOSE THINGS. THERE IS AN EXCEL SPREADSHEET, WE ALWAYS HAD THOSE. BUT TECHNOLOGY HAS MADE IT EASIER. THERE’S SOME GREAT APPS YOU CAN DOWNLOAD TO HELP YOU TRACK YOUR INCOME AND EXPENSES. IT’S KIND OF LIKE THE ENVELOPE SYSTEM WE USE TO PUT MONEY IN DIFFERENT ENVELOPES. YOU CAN DO THAT ONLINE. MEREDITH: DO YOU THINK THEY REALLY SET THE — WHAT PEOPLE NEED TO BE FOCUSING ON AND HOW TO DIVVY UP AND THE PERCENTAGES YOU SHOULD BE SPENDING IN THIS AREA. >> YOU WANT TO GO WITH THE ONE THAT WORKS FOR YOU. THEY ARE VERY COMPREHENSIVE, SOME PEOPLE JUST WANT TO FOCUS CORRECTLY ON THE BUDGET. AND THEN AGAIN THE BUDGET HAS ITS PROS AND CONS AS WELL SEE WANT TO GO WITH THE ONE THAT WORKS BEST FOR YOU AND YOUR FAMILY. MEREDITH: WISE FINANCIAL RESPONSE ABILITY SO IMPORTANT ESPECIALLY FOR PARENTS TO SHOW THEIR CHILDREN. >> HAVE A 16-YEAR-OLD AND HE THINKS MONEY GROWS ON TREES. SUCH — TEACHING KIDS ABOUT SMART MONEY HABITS WILL HELP THEM MAKE DECISIONS BETTER AS ADULTS AND FOR US WHO ARE ADULTS NOW WE HAVE COME THROUGH SOME HARD TIMES, WE’VE BEEN THROUGH COVID, WE’VE BEEN THROUGH HIGH INFLATION AND SO WE NOW HAVE THE EXPERIENCE OF SEEING HOW THOSE THINGS AFFECT OUR HOUSEHOLDS AND SO IF WE ARE BETTER MANAGERS OF OUR MONEY WE CAN MAKE IT THROUGH STORMS AND CHALLENGES LIKE THAT EASIER THAN WE COULD HAVE DONE IN THE PAST. MEREDITH: PEOPLE WANT TO GET IN TOUCH WITH YOU OR FOLLOW-UP OF THE QUESTIONS, HOW CAN THEY REACH OUT? >> YOU CAN JOIN MY TEAM MAIL ASKED — MY EMAIL LIST. MEREDITH: THANK YOU SO MUCH AND HAPPY NEW YEAR.

New Year’s Resolutions: Practicing better personal finance strategies

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

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