WILMINGTON, N.C. (WECT) – With the new year quickly approaching, many people are setting new financial resolutions.
According to WalletHub, almost 60% of people believe 2026 will be a better year financially for them. Numbers also show that one in four people are planning to make finance-related New Year’s resolutions.
“You want to make sure you are on track,” Mark White, a financial advisor, said. He provided key tips people can use throughout the year to help with money management.
CREATE A PLAN
Creating a plan will help keep track of progress. White says if you are looking to save, automate your paycheck so a certain amount is set aside each pay period.
FOCUS ON ADDRESSING CREDIT CARD DEBT
“I think one of the major mistakes that people make is that they don’t address their debt. People may have built up credit card debt over time,” White said. “Then they want to have other goals, like more long-term things that they want to save for, but from my standpoint, and I have been doing this for almost 26 years, when I meet someone new who has savings as their goal, the first thing I say is okay, what does your debt look like?”
He says planning to eliminate or lower any credit card debt should be the number one priority. Once the debt is paid off, people should then focus on savings or investment plans.
CREATE AN EMERGENCY FUND
White says three to six months’ worth of expenses should be kept in a safe place, like a money market account. Having an emergency fund will help with not creating any future credit card debt.
FOCUS ON LONG-TERM GOALS
Long-term financial goals can include planning for retirement or a child’s college tuition.
White says people with 401(k)s need to take advantage of any matching contributions offered. He recommends that people who are 5 to 10 years away from retirement should be more aggressive in taking advantage of their 401(k)s.
White says many people will focus on short-term goals like saving for a vacation or a home improvement, but it is better to invest in long-term money goals.
“Have some kind of program to track your progress, that doesn’t mean checking your account every single day. It’s working with a financial advisor that has different software that can track your goals or just doing it yourself,” White said.
He also recommends that people be careful with refinancing, as it can sometimes run up credit card debt.
White also says now is a good time to review any subscriptions to ensure money isn’t being spent on unused services.
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