WATCH: Tips on Budgeting in the New Year

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One of the common new year’s resolutions is saving money. Our Morgan Koziar caught up with Gary McGovern, a financial advisor at Thrivent Financial in Tyrone to ask about ways we can save a few bucks in the new year.

  1. Create a budget
  2. Have emergency savings
  3. Set realistic financial goals
  • Budgeting Tips for College Students
  • Use a budget app
  • Use cash for fun things (not credit card)
  • Payoff student loans early (to save on interest charges)
  • Budgeting Tips for Families
  • organize shopping lists (prevents buying extra things)
  • Eliminate an unnecessary service each year

Gary also suggested the envelope method as a way of saving money. He says it’s an older method – but some people really like it. The method involves keeping leftover money from the day and securing it in a designated envelope that corresponds with the day. He says if you have extra money – you can tuck that away as well. Gary says having a tangible form of money often times makes people feel the effects of saving and spending more so than just swiping a card.

For more financial advice you can contact Gary McGovern at Thrivent Financial (814) 932-4686 or by visiting his office at 1051 Pennsylvania Ave. in Tyrone.

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February 07 2021 06:30 pm

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