SAN ANGELO, Texas — As we approach the new year, many people begin to think of their New Year’s resolutions.
Being smart with every penny you spend will set you in the right direction to reach your financial goals. New Home Coordinator for Galilee Community Development Corporation, Emily Lloyd suggests to always be mindful of what you truly need and figure the difference between “needs” and “wants” when spending money.
“Your needs should always be a roof over your head, food in your stomach and a vehicle if possible to get you to and from work,” Lloyd said.
Lloyd says a couple of cents can grow your savings in a matter of time.
“If you don't know where to start something very simple, let's say you go to the grocery store and you pay like $193.25. Go ahead and transfer seventy-five cents, round up to the nearest dollar and put it in your savings. That little tiny bit will start to add up very quickly,” Lloyd said.
Lloyd says the best way to budget is to analyze your bank statements and determine what you spend the most on.
“Look over your past spending history, go from there. How much are you eating out? How much could you save by eating in? You can actually save hundreds a month for that. Look at how much credit card debt you're in and are you paying just the minimum? Can you pay a little bit more? Can you sacrifice just for a few months to kind of work on paying down that debt," Lloyd said.
Lloyd will be hosting several informational financial workshops throughout 2022. For more information visit galileecdc.org or call 325-655-6700.