(WETM/KAMC) – In today’s “It’s Your Money”, we discuss how you can save money to reach your financial goals in 2021 and the latest news on Wall Street.
Saving money in 2021
Amy Koczera, reporter with KAMC in Lubbock, Texas, spoke with financial professional Jeffery Nicholas on how you can save money during a global pandemic.
According to Nicholas’s website, “Jeff has been providing clients professional guidance and tailored solutions to meet their unique financial needs for nearly a decade.”
Nicholas said to think of saving as a marathon and not a sprint.
“A good financial plan really incorporates market uncertainty like we’ve seen during the pandemic,” said Nicholas.
He emphasized the importance of tracking and budgeting monthly expenses. Nicholas personally recommends making a list or spreadsheet in Excel to see what you can afford.
The most important thing to takeaway is prioritizing needs versus wants.
Make paying off debt your priority to avoid high interest rates after necessities like rent, utilities, and food.
“If debt is there, tracking a debt balance, as well as what that debt payment looks like, ” said Nicholas. “Just understanding and telling your money where to go versus your money telling you where to go can pay huge dividends over the long haul.”
If you received your stimulus check and do not need to use the money right away, Nicholas says you can contribute that money to a savings or retirement account.
Lastly, he gives a few simple ideas on how to save money.
“When we leave the house, turning all the lights off, ” said Nicholas. “If we’re not in the home, turning the air conditioning or the heating off. You’d be surprised how those little daily habits will add up over time and take the utility bill that seems to be really high and take it way down.”
Latest on Wall Street
Wall Street opened higher this morning ahead of the busiest week of earnings season.
It was a mixed session on Friday, with the Dow and S&P 500 ending in the red, but the Nasdaq closing at a record high.
All three did post gains for the week – with the Nasdaq up more than 4% for its best week since November.