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MONEY: Fix your finances in 24 hours!

Local financial adviser says take advantage of the 'extra' day and mind your money.

MINNEAPOLIS, Minnesota — Every four years, February gains an extra day. Leap Day is February 29, 2020. This year take advantage and use the extra 24 hours to fix your finances. Experts say more than 90% of people believe they need a budget, but only 67% of people actually have one. “If you don’t have a budget, create one! List your income and expenses, and don’t forget things like groceries, gas and entertainment. If your expenses are greater than your income, look for ways to cut back. Try making more meals at home or canceling subscription services you aren’t using. And, if you already have a budget in place, use this time to see if it still meets your needs,” said Nick Foulks, Director of Advising at Great Waters Financial.

Foulks said a debt worksheet can help you keep track of balances, due dates, minimum payments and interest rates. “Once you’re ready to start attacking debt, I recommend starting with the credit card that has the lowest balance. Devote as much as you can to that card, while still making minimum payments on all your other debts. Once that one is paid off, start on the second-lowest balance. Just like a snowball rolling down a hill, the key is building momentum each time you pay off a debt," explained Foulks.

Sixty-four percent of Americans expect to retire with $10,000 or less saved for their future. Essentially, most expect to be broke in retirement. “You can change your financial future by planning now for your golden years. Use Leap Day to review your retirement savings. Foulks says there are four simple things you can do to set yourself on the right path to fixing your finances. To get a copy of the debt worksheet Foulks mentioned, click here.

  

 

TIPS ON HOW TO FIX YOUR FINANCES IN 24 HOURS 

  • Revamp Your Budget
  • Assess Your Debt
  • Plan for the Future
  • Get Your Taxes Done