Looking to get your finances in order in 2023? Certified financial planner shares tips to help you start saving
Scott Sampeer gives a crash course lesson on saving and budgeting on Upper Michigan Today episode 197
MARQUETTE, Mich. (WLUC) - On Wednesday’s episode of Upper Michigan Today... it’s day two of resolution week and Elizabeth Peterson and Tia Trudgeon are hoping to get their finances in check this year.
Certified Financial Planner Scott Sampeer joins to share a crash course in saving for everyone that added ‘start budgeting’ to their list of new year’s resolutions.
But first, stories of the day.
Ishpeming Ski Club’s annual ski jumping tournament is back for the 136th year.
This year’s event is happening on January 20-21 and comes with some exciting changes.
You can volunteer for the event (and check out world-class ski jumping for free after your shift ends) by signing up for openings on yoopersunited.com.
Now back to financial planning.
Sampeer says there’s no time like the present to start saving, but in order to do so, you might have to change your habits.
He recommends starting by investing in yourself, cutting out what doesn’t work for you, and automating everything. He breaks these habits down into further detail and recommends using the 50-30-20 rule of budgeting.
That’s spending 50% of your money on needs, 30% on wants, and 20% should go into savings.
Though, you might find yourself spending all of your money on needs. Sampeer stresses the importance of investing in yourself and looking over your finances and understanding where everything is going. This may eliminate unwanted expenditures.
Peterson and Trudgeon get Sampeer’s advice on what to do in real-life financial scenarios.
And finally, Sampeer says his biggest piece of advice for you is to get your budget started and write it down on paper.
Once you have your budget set, take out that amount of cash and only spend what you have in bills.
You can watch Upper Michigan Today on weekdays at 9:00 a.m. on FOX UP.
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