Expert shares tips for financial wellness in 2023

Updated: 11:44 AM EST Jan 30, 2023

Hide Transcript
Show Transcript

EVERYONE WANTS A FRESH START FOCUSING ON FINANCIAL WELLNESS. JOINING US THIS MORNING WITH SOME ADVICE ON WORKING ON YOUR MONEY GOALS IS MARI ADAM, A CERTIFIED FINANCIAL PLANNER. THANK YOU SO MUCH FOR BEING HERE. OKAY. IT IS JANUARY ALMOST FEBRUARY. AND IT’S NICE TO KIND OF HAVE A FRESH START. BUT WHAT DOES IT MEAN WHEN PEOPLE SAY FINANCIAL WELLNESS? WELL, THIS IS A GREAT TIME TO BE HAVING THIS CONVERSATION BECAUSE JANUARY IS FINANCIAL WELLNESS MONTH AND FINANCIAL WELLNESS IS ALL ABOUT BEING CONFIDENT AND COMFORTABLE WITH YOUR MONEY. AND KNOWING THAT YOU’RE USING IT TO LIVE YOUR LIFE IN A WAY THAT REALLY MATTERS TO YOU. ARE THERE SOME THINGS THAT WE CAN DO KIND OF RIGHT OFF THE BAT THAT CAN HELP IN THE GOAL OF FINANCIAL WELLNESS? YOU KNOW, DEFINITE. I WOULD SAY MOST PEOPLE STARTED OFF THE YEAR SAYING THEY WANTED TO FOCUS ON TWO THINGS, WHICH IS SAVE ING MORE AND CUTTING THEIR DEBT. SO IF YOU WANT, WE CAN SHARE SOME IDEAS ON WAYS YOU CAN SAVE MORE THAT ARE REALLY GOING TO PUT YOU AHEAD FOR THE NEW YEAR. OKAY. WHAT WOULD BE MAYBE ONE OF THEM THAT YOU’D LIKE TO SHARE THAT COULD BE THE EASY ONE. SO A GOOD PLACE TO START IS TO REALLY BEEF UP YOUR RAINY DAY FUND. THIS IS YOUR SHORT TERM MONEY. YOU HAVE THIS IN CASE YOU HAVE A SHORT TERM EXPENSE THAT YOU’RE NOT ANTICIPATING. YOUR CAR BREAKS DOWN. MAYBE YOU HAVE TO REPLACE SOME APPLIANCES IN YOUR HOUSE OR EVEN FOR SOME PEOPLE, IT COULD BE JOB CUT BACK. SO IT’S REALLY IMPORTANT TO HAVE THAT MONEY SET ASIDE SO YOU DON’T HAVE TO REACH INTO YOUR POCKET AND USE A CREDIT CARD, WHICH WE KNOW CAN BE A VERY EXPENSIVE WAY. SO START PUT SOME MONEY ASIDE INTO THAT RAINY DAY FUND. AND THAT’S ONE OF THE GREAT WAYS TO START FOR THE NEW YEAR. I THINK A LOT OF TIMES PEOPLE THINK OF FINANCIAL PLANNER IS ONLY FOR SOMEONE WHO HAS LOTS, SOME MONEY AND THEY NEED HELP, YOU KNOW, FIGURE OUT WHAT TO DO WITH ALL OF THAT MONEY. BUT THAT’S NOT NECESSARILY THE CASE. NO, I MEAN, EVERYONE CAN TAKE STEPS TO GET THEMSELVES IN A BETTER PLACE. AND WE ALWAYS HAVE A MOTTO. IT SAYS START SMALL, BUT START NOW. SO IF YOU CAN’T FIND YOUR RAINY DAY FUND, IF YOU CAN’T FIND YOUR HOLD FOR ONE K, THAT’S GREAT. START WITH A SMALL AMOUNT OF MONEY, BUT GET GOING BECAUSE WE KNOW THAT THE MOST POWERFUL THING YOU HAVE IS TIME. AND TO GET STARTED NOW AND LETTING THAT MONEY COMPOUND IS REALLY GOING TO MAKE SURE YOU’RE IN A BETTER PLACE NEXT YEAR. ABSOLUTELY. ALL RIGHT. SO WE’RE ALSO STARTING TO FILE OUR TAXES, RIGHT? SOME PEOPLE MIGHT GET THAT TAX REFUND FUND, WHICH IS WHICH IS ALWAYS NICE. IS THERE SOMETHING WE SHOULD BE DOING WITH THAT EXTRA BIT OF MONEY? I MEAN, IT’S OUR MONEY, BUT IT’S THAT IT FEELS LIKE A LITTLE EXTRA BIT OF MONEY WHEN WE GET IT BACK. THERE’S SOME GREAT THINGS YOU CAN DO IF YOU HAVEN’T FUNDED AN IRA OR ROTH IRA. THAT’S A WONDERFUL PLACE TO START. YOU CAN STILL FUND FOR LAST YEAR FOR 2022. ALSO, MANY PARENTS CAME TO ME WHEN I WAS AN ADVISOR AND THEY WANT TO KNOW WHAT THEY CAN DO TO MAKE COLLEGE MORE AFFORDABLE. AND ONE OF THE GREAT THINGS WITH YOUR TAX REFUND IS PUT IT INTO THE FLORIDA PREPAID OR FLORIDA COLLEGE SAVINGS PLAN AND GET STARTED ON COLLEGE FOR YOUR KIDS OR MAYBE YOUR GRANDKIDS. ABSOLUTELY. ALL RIGHT. NOW’S THE TIME, RIGHT? YOU KNOW, SOMETIMES IT’S EASIER SAID THAN DONE, BUT IT’S KIND OF BEEN DISCIPLINED. YOU SAID SMALL LITTLE STEPS. AND I KNOW YOU WERE ABLE TO GIVE US A LOT OF THESE TIPS. WE APPRECIATE IT. WE’VE GOT THOSE ON OUR WEBSITE. THANK YOU FOR JOINING US. YOU WANT MORE FINANCIAL TIPS ON HOW YOU CAN STAY FINANCIALLY? WELL, IF YOU WILL, ON OUR WEBSITE, WPBF DOT COM. THANKS FOR YOUR ADVICE. BANKS AND WE SHOULD CHECK BACK IN IN SIX MONTHS, SEE HO

Expert shares tips for financial wellness in 2023

Updated: 11:44 AM EST Jan 30, 2023

Tax season is underway. Financial Adviser Mari Adams shares the best money management practices for 2023 as you are working to file your taxes and prepare your finances for the new year. Click here to learn more.