Friday is New Years Eve and there is still time to make some resolutions.
During the pandemic, living rooms have become workplaces, gymnasiums and classrooms. Local experts explained how people can set goals for 2022 and told KSBY the trick is to set realistic goals and build on your community.
Megan Carden, local wealth advisor at Wacker Wealth Partners, said people focus on holding an emergency fund, “a lot of people are looking to manage their cash flow so spend less, save more and control their debt “.
Lots of people were working and training from home because workplaces and gyms were closed.
Some places have reopened and the New Year is a time when gyms get a lot of interest due to people’s renewed fitness goals.
But at 9round in Arroyo Grande, the owner said she didn’t see an increase in customer numbers around January 1.
“No, we had a little drop, but it could be due to the variants,” said Stephanie Zatzke.
Although working in two different industries, the advice given by Zatzke and Carden seemed similar.
“I think it’s really hard because people don’t know how much to save and they don’t know how much their friends are saving,” Carden explained.
“Realistic is the key. But be realistic with your goals and share your goals. Write them down. Share them with your friend, with your family, whoever it is, as it helps you stay on track and helps you. to remain responsible for those goals that you ‘I’ve already planned,’ said Zatzke.
Zatzke suggested celebrating your triumphs and using that momentum to deepen yourself.
“I think the hardest part is just stepping in, asking questions. And the great thing about our system here, in nine rounds, is that we have broken this elephant into pieces the size of. ‘a bite to eat, so we’re able to really build on the little hits that you get every time you walk in, ”Zatske said.
For financial planning, Carden suggested the 50, 30, 20 strategy, where 50% of your income goes to necessities, 30% goes to wants, and 20% goes to savings.
Tackling debt is another popular New Year’s resolution. Carden discussed how credit card debt can often be viewed as high-risk debt, as opposed to other debt, including mortgages, which are often considered good debt.
She advised, “Tackling the credit card debt with the highest interest rate first is really helpful. So if you have three credit cards, one for 20%, another for 18, and the other 16, still make the minimum payment, but definitely try to tackle high interest. “
Carden agreed with Zatzke to break things down into smaller, more manageable tasks.
“Sometimes it’s easier to try and tackle the lower balance first. You know, it makes it easier if you have two credit cards to pay rather than three,” Carden said.