NASHVILLE, Tenn. (WTVF) — Many people have financial goals on their New Year's resolutions list, and if you're hoping to keep a closer eye on your money, you may want to think about putting together a budget.
While some other resolutions may fade, creating a plan that lasts requires the right approach.
I spoke with a wealth advisor to learn how to make a budget you can actually stick to in the new year.
"When you think in terms of New Year's resolutions, I think there's probably financial ones that are at the top of that list for people," said Myles Zueger, a wealth advisor for Adams Wealth Partners in Nashville.
According to Zueger, the first step is taking a closer look at how and when you're spending your money.
"Just start tracking for a month, two months, probably two or three months, to get a decent idea of where you're at," Zueger said.
Once you've tracked your expenses, Zueger suggests using what you've learned to create your monthly budget, instead of trying to come up with the budget first without the appropriate data to inform it.
According to Zueger, your budget should be specific but not go overboard when it comes to the details of where your money goes.
Whether it’s a notebook and pen, an Excel spreadsheet, or a budget app, there are many ways to create your budget. You may want to choose the level of technology you’re comfortable using.
While many folks may worry that living on a budget will feel restrictive, Zueger said it can actually be a freeing experience to really understand your financial picture.
"I think it's just for a lot of people, it allows them the freedom to actually start working towards their goals versus the restrictions they feel it may put on them," Zueger said.
In terms of finding places to cut expenses, he recommends looking for subscriptions and services you're paying for but not actually using to save a bit each month.
If you find in a couple of months you failed miserably at staying in your budget, Zueger said, don't get discouraged and just keep going.
"Even if you have a bad month, that's okay. Let's flip the calendar, focus on the new month, and focus on that, and focus on what's ahead, and not what's in the rear view mirror," Zueger said.
Along with his colleagues at Adams Wealth Partners, Zueger hosts the Retire While You Work podcast. Click here to hear an episode focused on budgeting.
This story was reported on-air by Robb Coles and has been converted to this platform with the assistance of AI. Coles verifies all reporting on all platforms for fairness and accuracy.
Do you have more information about this story? You can email me at robb.coles@newschannel5.com.
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