Financial tips for the New Year: Saving and budgeting

As the New Year and decade begins, many people have saving money as a resolution.

News 12 Staff

Jan 1, 2020, 1:09 AM

Updated 1,576 days ago

Share:

As the New Year and decade begins, many people have saving money as a resolution.

News 12's Kristie Reeter spoke with money expert and podcaster, Jamila Souffrant, who has managed to save $169,000 in two years.

Souffrant recommends first logging into all your financial accounts and getting a clear understanding of your starting point. So with getting organized, it is also understanding what you owe and how much you have in your bank accounts.

"It really is important and the budget is literally just telling your money where to go it is being proactive about what is going on,” she says.
Souffrant says that getting support is crucial.  She says that surrounding yourself with people who are positive reinforcements when it comes to money is really important and that doesn't have to be a best friend or someone in real life. It can also be like an online community or spaces that encourage you to do better with your money.
Souffrant herself has a social media presence, where she gives reminders on making the most of their money.
Finally, Souffrant tells people not to be afraid to invest in themselves.
“I always say, if you are looking to earn more money, if you are looking to learn how to invest, take the time,” she says. “So whether that is time money or resources to learn about those things."


More from News 12
1:35
NYPD: Multiple armed suspects wanted for string of robberies on Bronx train

NYPD: Multiple armed suspects wanted for string of robberies on Bronx train

1:45
Temperatures return to the 60s on Friday for NYC

Temperatures return to the 60s on Friday for NYC

2:02
Exclusive: Animal rescue group stepping in to help cats in danger of being mauled

Exclusive: Animal rescue group stepping in to help cats in danger of being mauled

1:53
Council Member Sanchez introduces building inspection, integrity bills after Billingsley Terrace collapse

Council Member Sanchez introduces building inspection, integrity bills after Billingsley Terrace collapse

1:53
Shop Mother’s Day Gifts – Exclusive Offers Up to 75% OFF!

Shop Mother’s Day Gifts – Exclusive Offers Up to 75% OFF!

0:05
Baseball's oldest living major leaguer, former Yankee Art Schallock, is turning 100

Baseball's oldest living major leaguer, former Yankee Art Schallock, is turning 100

1:54
Bronx Children's Museum offers familiar fun, valuable education for youth and families

Bronx Children's Museum offers familiar fun, valuable education for youth and families

0:19
NYPD: Woman wanted for punching another woman, stealing her phone in Highbridge

NYPD: Woman wanted for punching another woman, stealing her phone in Highbridge

2:07
Council Member Feliz plans to tackle rising vacant storefronts in the Bronx

Council Member Feliz plans to tackle rising vacant storefronts in the Bronx

2:04
Multiplex Cinemas in Concourse Plaza set to close next month

Multiplex Cinemas in Concourse Plaza set to close next month

1:47
Libraries could see new changes following no reversal of $58.3 million budget cut

Libraries could see new changes following no reversal of $58.3 million budget cut

1:46
NYCHA resident says boiler issue causing safety and health concerns

NYCHA resident says boiler issue causing safety and health concerns

2:25
Parked car left in shambles; video shows car smash into it multiple times

Parked car left in shambles; video shows car smash into it multiple times

1:42
New community center focuses on supporting former male inmates on road to recovery

New community center focuses on supporting former male inmates on road to recovery

1:35
The Bronx Museum of Arts new exhibit showcases NYC artists from fellowship

The Bronx Museum of Arts new exhibit showcases NYC artists from fellowship

1:59
NYPD: Fordham shooting kills 34-year-old man, leaves another man critical

NYPD: Fordham shooting kills 34-year-old man, leaves another man critical

1:14
Police Athletic League hosts annual singing and dancing competition for kids

Police Athletic League hosts annual singing and dancing competition for kids

1:35
New Yankees murals at Bronx Terminal Market pays homage to Black baseball legends

New Yankees murals at Bronx Terminal Market pays homage to Black baseball legends

1:04
DOT adds $6 million to boost overnight and evening deliveries over peak hours

DOT adds $6 million to boost overnight and evening deliveries over peak hours

0:20
MTA service alerts system now includes bridges, tunnels

MTA service alerts system now includes bridges, tunnels