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.