NEWPORT NEWS, Va. — It’s a new year, and many people are taking this opportunity to take a look at their finances.
“Where are you at and what do you have?” said financial life planner Daniel Joss.
Those two questions, Joss said, are the jumping-off points for handling your finances.
Joss said his role is to look at your cash balances, after-tax investments, retirement and real estate, and compare that to credit card debts, student loans and mortgage payments.
If that sounds like a foreign language, Joss said to start here.
“Start saving 10%, increase it to 15,” said Joss. “Plan to spend, be deliberate, and not just let money go.”
He said there are five things you can do with money—spend it, save it, pay off debts, give it away, or pay taxes.
If you’re considering what you should do with yours, Joss had some advice.
“Earn more than you spend, when you invest, diversify, don’t try to time the markets, be deliberate and think ahead about your financial choices,” said Joss.
Much of our finances are now on computers or even our phones, and there are actually ways to save a buck in the digital world.
Zachery Deuyour considers himself fluent in something he calls ‘nontraditional finances’. He does things like multiply shopping portal discounts with referral bonuses, and cashback from credit cards to get the best deals.
Deuyour told News 3 you just have to invest the time and energy into finding savings. He lives on just 40% of his take-home pay as an enlisted military member.
“I’ve never been in a situation where it’s like I can’t afford that, it’s not that we can’t afford it it’s when can I afford that,” said Deuyour.
He said it is all about creating a plan, seeing your priorities, and saving on the stuff that “isn’t cool.”
“if you want to spend lavishly on the things you enjoy and you do it in a way that’s healthy and beneficial for you and your family, do that,” said Deuyour. “Nobody should feel scared about money.”
If you’re interested in trying a shopping portal, apps Rakuten, Ibotta, and Upside are available on most devices.