Rockford financial advisers offer budgeting advice for new year

Published: Dec. 28, 2018 at 5:27 PM CST
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Only a few days away from the start of the new year, there's plenty of time to start developing New Year's Resolutions for budgeting.

Financial advisers say creating a manageable and specific budget for 2019 can help you start the year on a good note.

Advisers say to save at least 15 to 20 percent of your gross income and spend no more than 36 percent of your income on credit card debt or student loans.

Since the holidays can be a time of heavy spending, experts say it's important to start the new year on good terms.

"January is not the time to reflect on overspending," said savant capital management adviser Allison Alexander. "It's really hard to stay on track but there's many gifts that can be given without extravagant expenses."

Alexander says to try to pay of debt as soon as possible rather than paying it in small increments. She also advises to put as much money as you are able into your retirement plan.