(WFSB) – April is financial literacy month. It’s a good time to take a closer look at where your money is going and how to start saving.
With the cost of groceries, housing and seemingly everything going up, putting money away for later isn’t easy.
Mike Chadwick is the owner of Fiscal Wisdom Wealth Management in Canton.
“In America, we have what I call ‘checkbook syndrome.’ Regardless of your level of income, you’re making you know, as a family, $100,000 a year or $200,000 a year or $500,000, whatever your number is, I find families tend to live right at or maybe even a little bit above that level of income. They just kind of spend what they make,” said Chadwick.
Chadwick says no matter your income level, finding money to save starts with what he calls “keeping score”: keeping track of exactly how much money is coming in and exactly where it is being spent.
“Now once they start keeping score, what I find is once they start running it down, whether they do it monthly or weekly or on an app, once you keep going, they realize where their money is going. Certain things get under their skin and certain things start to bother them, and that’s where behavior changes,” said Chadwick.
Chadwick says once you start keeping score, you can start finding small ways to save and sticking with it will add up over time.
“If you don’t have a plan, you by default are going to struggle,” said Chadwick. “If you make a plan and you stick to it, you’re going to succeed. It just may take you some time to reach all those goals. That’s all there is to it.”Chadwick says a good option when you start saving is to open a high-yield savings account at your bank. That way your money can start earning interest, but it is also accessible if you need it.
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