ALBUQUERQUE, N.M. — Making a plan to get your finances in order can seem daunting but a financial expert says it is as easy as breaking it down into three steps.
Here are the three steps Oakmont Advisory Group’s David Hicks recommends and what he has to say:
Step 1: Building up your savings
Especially after the holidays, we’ve spent a lot of money on all the things so it’s good to look at your savings or your emergency money. It’s a good rule of thumb to have 3-6 months of living expenses. That’s the target for your emergency savings account.
Obviously, that’s a high bar for some so I would encourage people just to start small. A lot of banks and a lot of credit unions have these opportunities just to auto-save for you. That’s the easiest way to save and replenish your savings account starting the new year…