CPA Scott Adair from the New York State Society of CPA’s said now is a great time to improve your financial literacy Monday during News 8 at Sunrise.
“I think the best place to start is making a financial plan for yourself, setting up a monthly budget and adhering to that monthly budget,” Adair said. “What it should identify in that budget is where you can save some money. Set it aside for either a savings account or set it aside for retirement. It’s all about creating that habit of putting money aside for things.”
Adair said we should adopt habits to keep track of our expenses. “Make sure that you’re mindful of not over-spending. Make sure that you’ve got thing identified that are nice versus necessary items in your budget.”
Whether it’s clipping coupons from a paper, or going online, there are many ways to save on a budget. “Coupons.com is an area where you can go to get major retailers coupons on a daily or weekly basis to make sure that you’re saving as much money as you can on those items that you need to buy,” said Adair.
He added, paying down your debt is key to financial freedom. “One of the big things to look at is, in that monthly budget, making sure that you’re not just focusing on the minimum payments that you can make. If you have that line item budget of what you can spend your money on, identify where you can sort of stretch to pay down some of that debt and make it go away that much sooner.”
Building up your knowledge about finances is a critical step as well. “There’s a ton of research available out there,” noted Adair. “You can talk to any CPA out there or financial planner. You can go online to many of the consumer driven websites. You can look at your own bank or your own library to take advantage of some of the resources that they may have.”
The end result is taking control of your day to day spending to provide financial freedom. For more information, visit the New York State Society of CPA’s website and their Get Money Smart initiative, click here.