Tracking 2019 finances could help to create a budget in the new - FOX34 Lubbock

Tracking 2019 finances could help to create a budget in the new year

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LUBBOCK, Texas -

Before ringing in the new year and making resolutions it may be a good time to think about setting financial goals in 2020.

Creating a budget can seem daunting, but taking a look at your financial history could be key in sticking to it. Financial planner Jeffery Nicholas said it's all in tracking cash flow.

"If you're just as least tracking where your money's going, then you can tell your money where to go vs your money telling you where to go," he said. 

Nicholas advises to cut unnecessary spending by comparing this year's expenses from this year going forward. He said an easy way to tackle credit card debt is to start with the smallest amount first. 

"Just start with one. Don't look at all of it, just start with one and say 'okay we're gonna tackle this debt this year, or today, and we're gonna get this taken care of'," he said.

Nicholas also emphasizes taking advantage of employer's retirement benefits. 

"If you've got an employer offering some type of three percent match, that's free money," he said. "You put three, just three percent of your pay in. That's a hundred percent return on your money because they're matching your three."

Nicholas said by using these simple techniques you can track where cash is going and meet those financial resolutions. 

 

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