Financial fitness takes center stage during Self-Improvement Month

MILWAUKEE (CBS 58) -- Tony Drake, Founder and CEO of Drake & Associates, emphasized the importance of financial health in an interview on Monday, Sept. 11.

With September designated as Self-Improvement Month, Drake provided four key habits to improve financial well-being.

He stressed the importance of budgeting, stating that a well-defined budget can help individuals keep track of their finances and prioritize spending.

Drake also encouraged people to break bad money habits like lifestyle inflation and impulse spending, as Americans average over $3,000 in impulse purchases annually.

He mentioned the urgency of building an emergency fund, as nearly one in four American families lack one.

Finally, he recommended finding trusted financial resources and professional guidance for improving financial literacy and achieving long-term goals.