Financial expert offers tips for financial fitness in the new year

MILWAUKEE (CBS 58) -- As the new year unfolds, many people have set resolutions to achieve greater financial stability, a goal made increasingly difficult as the current economic evolves.

Tony Drake, a financial professional from Drake & Associates, joined us on Wednesday, Jan. 3 to discuss methods of increasing financial fitness in the new year.

He discussed hurdles that many are encountering, including the challenges of rising inflation and resumption of student loan payments. He also outlined a structured approach to financial planning, starting with the creation of SMART goals - specific, measurable, attainable, realistic and timely objectives.

He underscored the necessity of a clear plan to reach these goals, suggesting cue-based plans for effective execution. These plans could include reassessing budgets monthly or increasing retirement savings upon receiving a raise.