- Financial Representative Cynthia Richey shares a few ways you can efficiently save your money
- According to Forbes 38% of Americans 2024 new years resolution was to improve their finances.
- Watch to learn more about financial literacy
(The following is a transcription of the full broadcast story)
It's a new year with new goals, and here in my neighborhood Mason, many residents have a common resolution, save money. According to Forbes 38% of Americans 2024 new years resolution was to improve their finances.
"Savings doesn't happen by accident," said Financial Representative Cynthia Richey
Richey is a Financial Representative for Modern Woodmen in Mason and has been offering a helping hand into financial wellness for the last 35 years and says inflation has had an effect on neighbors ability to save.
"With all of the changes that have taken place over the last several years the landscape is changing and so they need some direction on how to save," said Richey.
And according to Michigan.Gov financial literacy begins with making an effective budget. They suggest making a list of all fixed expenses: food, clothes, transportation, health care and housing, and you optional expenses such as gym memberships, and entertainment. If your spending surpasses your income eliminate optional expenses
"I always say that the best investment is investment knowledge," said Richey.
Some of the top tips provided by the Modern Woodmen to help you plan for life are:
- Save then spend
- Create a saving plan
- Take advantage of tax deferrals
- Set up automatic savings
- Make investments
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