Want to get “financially fit” this year? Here is how to do it
Stacey Hyde with Envision and Financial Planning shares smart strategies to save more, spend less, and pay down debt in 2022.
MEMPHIS, Tennessee – Let’s start the New Year off right by making smart decisions with our money.
According to Stacey Hyde with Envision and financial planning, establishing a realistic budget will help you monitor your spending and plan ahead.
âYou don’t want your budget to be too restrictive,â Hyde said. âSome expenses are normal, like car or house repairs or a doctor’s bill. They don’t happen every month, but you should always schedule them.
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Another small change is to check your bank and credit card statements to see where you are spending money.
âA lot of times we spend money without thinking,â Hyde said. âI believe we should be spending money very deliberately. Spending on experiences, spending time with friends, making our homes more comfortable for example, these are the types of expenses that we rarely regret.
Plus, limit âthoughtless shoppingâ online and cook more meals at home.
MONEY GENERATION TRENDS IN 2022
If you hope to make more money in 2022, according to Hyde, wages are going up.
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“I actually see people getting increases, sometimes substantial ones, either by changing employers or by proactively increasing wages to keep employees,” Hyde said. âI see fewer people holding multiple jobs. Often they are able to work overtime or add hours or responsibilities to increase their pay. “
FIGHT AGAINST STUDENT LOAN DEBT
If you owe student loans, President Joe Biden has extended the hiatus for some student loan payments until May 1.
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According to Hyde, there are several ways to take advantage of this time.
âIf you have credit card debt or high interest debt, definitely take the break to pay off that debt,â Hyde said. âYou should definitely include the payment in your monthly budget, but use it to pay off the higher interest debt. “
Hyde also advises, if you suffered a loss of income during the pandemic, to apply for a new income-based repayment plan for your student loan debt.
âGo ahead and get a head start,â Hyde said. “The reverse is also true, if your income has increased, wait for them to tell you your payments will increase.”
Hyde shares more free financial advice on his podcast ‘Better financial health in fifteen minutes or less. ‘