NORFOLK, Va. — Imagine a year from now you pay off half of your debt, or raise your credit score 100 points, or save enough money to finally go on the trip you've wanted to.
All these things are possible if you take the first step. I have been doing consumer reports for years now because I want to share how you can make your financial goals come true.
“Being that I am a parent, right? A parent of six and a grandparent of one, it's easy for me to spend a lot,” says Kezia Hendricks.
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Kezia Hendricks is not alone because we are all spending a lot more these days.
While we deal with inflation and higher prices in 2025, we cannot let that outweigh the amount we save.
I sat down with Zach Tekamp, the managing director of Heritage Wealth Management Group, to talk more about this.
“What your life looks like in January 2025 is certainly not what it looked like in, you know, June of last year or December of this year,” Tekamp said. “I think a good goal to have every single year is just to be a little bit more intentional with your money.”
Being more intentional starts with defining your short-term and long-term goals. Do you want to pay off holiday debt or are you focused on buying a house soon?
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“Assign each dollar a purpose [and] start to build those healthier financial habits. That's really the bare bones of it,” he said.
Though some people do not want to consider saving or investing because they are living paycheck-to-paycheck to put food on the table.
Tekamp agrees that people are struggling and added, “I think a lot of personal finance comes down to budgeting. You can't do a lot if you don't know what's coming in and what's going out each month and what's left over.
He said even if it is $5 each week, make this the year that you set money aside. Tekamp suggests changing your mindset and the way you look at money.
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“I encourage everyone to try reverse budgeting. If you know you spend a certain amount each month, but you have a surplus, let's set aside that surplus for these goals first, right? It can accomplish two things: you know you're not overspending because that money is already being saved and you're actively saving more to what you're passionate about,” he said.
If saving feels too overwhelming, try lowering your credit score. You will have more access to lower interest rates and better chances of loan, apartment, and credit card approval.
Speaking of credit cards, consider what Hendricks does, “if you are going to use a credit card, instead of using the money that you think you're going to get, use the money you already have.”
If you spend the money you have then you won’t get behind on your bills and risk having to deal with high interest rates.
Also consider exploring your online banking app.
On most platforms you can get a breakdown by category of what you spend. For example, you can see how much you spend each month, or year, on travel, pleasure, and bills.
