NORTHLAND RESOLUTIONS: Putting some money back into your pocket this New Year

Saving money this new year is a top goal of many Americans and many Northlanders.
Published: Jan. 6, 2023 at 10:34 AM CST
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DULUTH, MN. (Northern News Now) - Saving money this new year is a top goal of many Americans and many Northlanders.

According to a survey from CNBC, around 31% of Americans want to make a personal budget for the New Year.

In Duluth, Scott Wallschlaeger, the President and CEO of MPPL Financial, said the best way to save money in 2023, is to stick to a plan.

“Thinking about what you want to get to at the end of the year, and what it’s gonna take in bite sized chunks,” Wallschlaeger said.

Sticking to a plan throughout the year is one of the best ways of creating those good spending habits.

“Sometimes these big goals can seem hard to achieve, but if we break them into monthly chunks, it becomes more achievable,” he said.

According to Wallschlaeger, it’s good to check in to see if you can save more from your paycheck.

A new year means you might be able to put more into a retirement fund, for example.

“The thresholds we can save has gone up in some of our common retirement plans soo if we have an IRA, personally, or at work, a 401K, we can actually go in and increase our contribution percentages,” he said.

The main takeaway Wallschlaeger said is sticking to your plan.

“So I think setting that goal, setting that plan and then just executing, that’s the key in my eyes,” Wallschlaeger said.

For more information about MPPL Financial, you can visit their website here.