THOMASVILLE, N.C. -- A new year means the chance to pick up better financial habits. It's a great time to put together a new budget or find something new to invest in.
WFMY News 2's Patrick Wright talked to Ken Griffin of Inheritance Financial Coaching in Thomasville Wednesday to show you how to get your finances back on track in 2014.
Griffin discussed several topics, including budgeting, saving, investing and the importance of communication between spouses, when it comes to finances.
In terms of budgeting, Griffin recommends giving every dollar a purpose or name. He says planning the purpose for every dollar is a great way to manage your money.
Griffin says the key to savings is always being prepared for emergencies. He advises having three to six months of monthly expenses (bills, groceries, etc.) stored in your savings account at all times.
An easy way to continually add to your savings account is to simply set up automatic drafts.
When it comes to making your money grow, Griffin stresses the importance of investments, specifically through a 401K. He says these accounts offer free money because in many cases, employers match the amount of money you put into them, to a certain point.
Finally, Ken and his wife Demetrice say the key to keeping your household's finances in order is effective communication between spouses.
They say it's important for couples to sit down each month and discuss their spending plans. Even though you might not see eye to eye on every issue, it's important for couples to be able to come to an agreement on finances from month to month.
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Inheritance Financial Coaching/WFMY News 2