Becoming Financially Sound in 2014

By: Amelia Nahmias Email
By: Amelia Nahmias Email

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HARRISONBURG, Va. (WHSV) -- New Years is a time for celebration, but also a time to reflect on last year and what we can change for next year.

One of the top three New Year's resolutions is to better manage your money and take control of your finances.

Ed Good, a financial planner at Good Wealth Management in Harrisonburg, said he's actually talked to a number of clients in the past few days wanting to do this for 2014.

He said the most important thing is to eliminate debt.

The average American has a $7,000 credit card balance at the end of each month, plus the interest can be anywhere from 10 to 15 percent.

He says the best way to manage your money is to keep a record and set a budget and try to control your spending.

"It's hard, it takes a little time and effort to track those things. How in the world can you manage your finances unless you know what you're spending and where the money is going," said Good.

Good said a good rule of thumb is to not put anything on a credit card that can't be paid off by the end of the month.

He said it's also a good idea to set aside a savings account or rainy day fund that can support you through six months of expenses if anything were to happen.


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