MINNEAPOLIS (WCCO) – The new year is underway and many of us have made resolutions. One of the more popular ones is to save more money.
It’s talked about a lot, but how proactive are we about saving our money and what can we actually do to make sure it happens? Financial expert Bruce Helmer gave us some tips Friday on how to manage our money better as we start a new year.
Helmer said he often hears when a new year starts, people want to get their finances in a healthier state, much like getting back in physical shape. Helmer said the best investment you can make is to get out of bad debt, like credit card debt, as fast as your situation allows.
Helmer also had some tips if you’re out of bad debt, have good debt and want to start saving money for your future. One of the most logical places to start is a retirement plan through your employer. Many companies offer matching contributions to a 401K or whatever plan they have.
“If you’re company will match 50 cents to the dollar up to the first six percent, that means they’re putting in three percent. That’s nine percent of your income being saved and invested, and half of it came from your employer,” Helmer said. “If you’re not in retirement program, it’s like leaving money on the table.”