How to practice ‘money mindfulness’ in 2021
MILWAUKEE (CBS 58) – The new year allows an opportunity for a clean slate financially, according to local certified financial planner Tony Drake.
Drake joined CBS 58 to share three ways to help practice money mindfulness in 2021:
- Review Your 2020 Finances
- Determine areas where you can cut back on spending and put more money toward savings
- Practice Emotional Awareness
- It’s important to be mindful not only about investments, but about purchases too. Don’t make a big purchase if you have anxiety about it. Instead, comparison shop, sleep on it and discuss it with your significant other
- Plan for the Future
- If you don’t have an emergency fund, now is the time to start building one. Start by putting $10, $50 or $100 a month in a separate savings account.
- Ideally, you want 3-6 months’ worth of expenses set aside. It can be used for an unexpected job loss or untimely expenses.
More information can be found on the Drake & Associates website.