HEAT ALERT

Dangerous heat set to impact the Bronx starting Tuesday

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 1,630 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