Getting out of debt and/or saving more money is among the top ten new year's resolutions made by people on a yearly basis and a local financial coach has some basic starting points for doing just that this year.
On the WHOW Morning Show Wednesday, TS Institute's Connie Unruh told Regional Radio News one of the first things you want to do is set up an emergency fund. If you are single or have a small family, $1000 is a good starting place but if you have multiple children, perhaps $1500 would be a better goal.
For some individuals and families, getting that $1,000 or $1,500 emergency fund set up might not take long. For others, it's going to be a challenge. Unruh encourages instead of using that tax return on a discretionary spending item, to put it away as your emergency fund.
Once you've got that emergency fund set up, then you start working to pay down your debts. Unruh explains there is a lot of research to suggest starting with the smallest debt, and throwing as much extra income at it can be the most effective way to start getting out of debt.
Unruh offers one-on-one financial coaching for free and she encourages anyone who would like short-term or long-term coaching to reach out to her. You contact Unruh at 217-935-7464 at First National Bank in Clinton.