In this KDAF interview, Cathy DeWitt Dunn and Neeha Curtis discuss how to pocket more money in 2017.
Experts say not to expect pay raises and bonuses in 2017. So if you want more money in the bank, alternate ways to save money need to be put into use.
A good rule of thumb is to save some money each and every month. If you only save $100 a month, at least you’ll start getting in the habit of saving. Of course, more is better, but if that is not possible, a little will have to do.
One way to keep more money in your pocket is to use up those items in your refrigerator and pantry. It’s a waste if you just let those items sit on the shelf. Find creative ways to utilize those items and you’ll be surprised how much you can lower your grocery bill in the short term.
Still another way to pocket more money in 2017 is to sell off your clutter. Most everyone has items they no longer need, but still can’t bring yourself to throw them away in the garbage. Sell those items off and put that money into savings. You’ll grow your bank account and clean up the house at the same time.
With the economy still in big trouble, you’ll have to be creative in 2017 if you want to grow your bank account. But don’t despair; it can still be done with a little hard work.
Neeha Curtis: Are you expecting a pay raise in 2017? Don’t. According to a recent survey, employers say they are not planning to increase budgets and raises or bonuses for 2017, so it’s up to us to make savings a priority. Financial professional Cathy DeWitt Dunn with DeWitt and Dunn is here with some simple ways to save for the New Year. Cathy, so thanks so much for joining us for this brand New Year and, so tell us why are Americans struggling so much to save?
Cathy DeWitt Dunn: It’s just such a difficult thing for people. Well, the good news is it’s the New Year, right?
Neeha Curtis: Yes.
Cathy DeWitt Dunn: So what we can do is start taking a look at saving and making a plan today. You know, on average, I think 69% of Americans have less than $1,000 in savings according to banking rates. That’s just unheard of.
Neeha: Now, as we start out the New Year, how do we get things started to start saving, really?
Cathy: You know, I think what you need to do is take a look at where you’re spending all your money at. Take a look at how can you do things differently. Everybody needs to have a plan, so how about just starting off with maybe saving $100 a month and maybe, throughout the year, adding on to that.
Neeha: What are some other tips? Do you think that we should…once we look at how much we’re spend, do you suggest we sort of cut back perhaps on some things that we don’t need?
Cathy: Yeah. I think one of the things is groceries are really a big item.
Cathy: The average family spends between $150 to $300 a week, and that’s just a lot of money. Take a look at your freezer. Take a look at what you have. Go into your pantry. Those are some great places to start as well.
Neeha: Why do you suggest we keep saving month after month instead of just saving, you know, let’s say, in January and February and then forgetting about the rest of the months?
Cathy: Well, because I think we need an emergency savings, and it also gets you in the habit of saving. I tell all of my clients, “Every month, take the money that you’re saving, and put it into a separate account so you don’t see it, so out of sight, out of mind.” And the first $100 or $200 is easy to achieve, and then, after that, you’re just going to feel so much better about yourself by having a little bit of a cushion.
Neeha: Any other tips for people at home watching this morning, you know, struggling with savings?
Cathy: Well, I think one of the big challenges is we can all save. No matter how much money you make, it’s really about how much money you spend. Take a look at maybe, you know, eliminating some of your data charges, or do you really need cable? Can you just live with Netflix? And things like that. Just the little simple things and those will really add up over time.
Neeha: Well, thank you so much for all of these great tips to start out our new year in good financial health.
Cathy: Happy New Year.
Neeha: All right, guys back to you.