The Importance of Controlling Finances

Created: November 20, 2018 09:27 AM

The holiday shopping season is just days away and that means pressure on our bank accounts. This includes preparing for family functions or buying a gift or two.In an effort to take some of that pressure off, Barry Bigelow with Great Waters Financial in Duluth stopped by GMN with a few tips.

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1. Be Ready for an Emergency

  • 50% of the population has less than $1,000 saved.
  • 39% have no money put aside.

"Put together some funds," Bigelow says. "The general rule is three to six months. If you can get three to six months put away, those emergencies don't feel like emergencies anymore."

2. Pay Your Credit Card in Full Each Month

  • The average US household that has credit card debt, has $16,000 of it.

3. Compound Interest

"As you save, the money that you save will earn interest over time," Bigelow explains.

4. Customized Retirement Plan

"By the time you're 30, you should have 1x your annual salary saved. By the time you're 67, that number should bump all the way up to 10x your salary."

Click here to learn more about Great Waters Financial.

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