One of the common new year’s resolutions is saving money. Our Morgan Koziar caught up with Gary McGovern, a financial advisor at Thrivent Financial in Tyrone to ask about ways we can save a few bucks in the new year.
- Create a budget
- Have emergency savings
- Set realistic financial goals
- Budgeting Tips for College Students
- Use a budget app
- Use cash for fun things (not credit card)
- Payoff student loans early (to save on interest charges)
- Budgeting Tips for Families
- organize shopping lists (prevents buying extra things)
- Eliminate an unnecessary service each year
Gary also suggested the envelope method as a way of saving money. He says it’s an older method – but some people really like it. The method involves keeping leftover money from the day and securing it in a designated envelope that corresponds with the day. He says if you have extra money – you can tuck that away as well. Gary says having a tangible form of money often times makes people feel the effects of saving and spending more so than just swiping a card.
For more financial advice you can contact Gary McGovern at Thrivent Financial (814) 932-4686 or by visiting his office at 1051 Pennsylvania Ave. in Tyrone.