CNBC: These people made some stomach-churning financial mistakes
Dylan Telerski / 2 Apr 2019
Didn’t start saving until late in the game? Racked up credit card debt or made a bad investment? You’re not alone–everyone has financial regrets. CEO and Founder of Ubiquity Retirement + Savings Chad Parks shares his insights on how to regain financial stability after a mishap. The first step? Scrutinize your financial picture.
“Then, begin to develop a plan for yourself to improve your financial health and reach your long-term goals,” Parks said. “Determine your cash inflows and outflows, and create a realistic budget.”
That gives you a baseline of your finances. Use online budgeting tools to help identify spending patterns or behaviors, so you can figure out some ways to save. Apps that help you track your finances are useful in helping monitor and improve money habits.
Next, set realistic goals. Parks recommends saving up a solid emergency fund. “Start thinking about what that means for you and open a savings account that you can automatically transfer money into monthly,” he said. “Evaluate your debt and determine a realistic plan for paying it down.”
Regret not saving? Start immediately, Parks says. “The cost of not saving earlier adds up drastically, so the sooner you can start, the better.”