Credit, savings and investment are the basics … come back to it

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Everyone knows that saving and investing is essential in building a retirement nest egg, but it can be intimidating if you don’t know where to start. And for some people who have accumulated a large amount of debt, it may seem impossible.

As we observe National Financial Awareness Day on August 14th, this is a good opportunity to talk about how people can gain a foothold in their finances and start making the changes that are needed. In my role at Advia Credit Union, I often work with members in Southwest and Eastern Michigan to develop long-term, achievable savings and investment plans.

Here are some of their most frequently asked questions:

How do I create a budget and stick to it? People struggle with this – both getting started and staying committed to a spending plan. One thing I tell our members is that if you find yourself running a little short at the end of the month or between paychecks, it helps to create a spending plan (budget). When creating it, you need to be as realistic as possible about how you spend your money, both for essential and non-essential purchases. If you like getting your nails done every two weeks, include it. Once you know what you’re spending money on, you can make changes and eliminate some non-essential purchases as needed.

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