Priya Patel
TLDR:
A financial advisor in Western New York is offering advice on how to recover from a spending hangover. Despite the high consumer spending in 2023, many people find themselves in financial trouble after the holidays. The key is to address the budgeting problem rather than the lack of money. By taking control of their finances and making a few major decisions, individuals can improve their financial situation. One woman shared her success story after learning how to budget and taking responsibility for her spending habits.
A financial advisor in Western New York is offering advice on how to recover from a spending hangover. Despite the high consumer spending in 2023, many people find themselves in financial trouble after the holidays. The key is to address the budgeting problem rather than the lack of money. By taking control of their finances and making a few major decisions, individuals can improve their financial situation. One woman shared her success story after learning how to budget and taking responsibility for her spending habits.
According to Michael Lomas, co-president of The Financial Guys, the problem is not a lack of money but a budgeting problem. Many people fail to properly plan and prioritize their spending, leading to financial stress. Lomas emphasizes the importance of budgeting and suggests that people spend more time planning a vacation than planning their finances.
Catherine Whalen, a woman who struggled with budgeting, shared her story of taking control of her finances. After realizing that she was constantly stressed about money despite paying her bills, she decided to learn how to budget. With the help of YouTube videos and explanations, she was able to make significant progress in managing her money.
Whalen admits that starting the budgeting process was not easy. She had to confront her own flaws and face the reality of her financial situation. She advises others to embrace the emotions and ride the roller coaster that comes with taking control of their finances.
The article concludes with the belief that most people can improve their financial situation by creating a budget and identifying areas where they can cut back. By facing the reality of their spending habits, individuals can make significant improvements and avoid falling into credit card debt.
