RICHMOND, Va. (WWBT) - It’s time to find out where you stand financially, so you start of the new year on the right foot.
One of the best ways to get started is to look at your net-worth. That can be a little scary. Especially if you have a lot of student loan debt or a big mortgage. It will probably be in the negative.
Cherry Dale with the Virginia Credit Union says that’s OK. For most of us, it starts off like that.
“You just want to make small improvements moving forward each year. You want to see your debt level go down and what you own go up and ever so slightly you will see that increase,” said Dale.
After you know your net-worth, know your goals. Are you trying to buy a house? Pay off debt? Or go back to school? Budget it all out. Write it down or use an app, but look at the big picture and where you can cut back to save money.
Finally, focus on your retirement goals. Make sure you are contributing to your 401k or IRA and make sure you are also putting money in a savings account each month.
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