Cheyenne Experts Offer Money Tips

Can you have more money in your pocket this year without winning the lottery or finding a new job?

A pair of Cheyenne financial experts say the answer is yes if you avoid a few simple mistakes.

Jim Yates is President of First Education Federal Credit Union in Cheyenne, while Ann Lucas is the organization's Vice President. They say that while around a third of Americans make a New Year's resolution having to do with handling or saving money, the big majority of those plans fail.

Lucas says one reason for that is people pledge to do things like "save more money." She says such goals are so vague they don't have any real meaning in everyday life. She adds a starting point for everyone should be to have at least $1000 in savings--adding that if you don't have that amount set aside you should immediately work towards that goal.

Yates says it's also important to save for a specific item--be it a new car, a vacation, home improvements, etc. That's because it's much easier to restrict everyday spending with a specific item or goal in mind rather than just the idea of "savings" with no apparent payoff in sight.

Lucas says it's also critical to keep track of your day-to-day spending, adding it can be a "real eye opener."  She says another important step is very simple yet widely ignored--stop spending money when you run out. She says as simple as that may sound, an amazing number of people don't do it, which is a major reason people wreck their budgets.

Credit card spending is ok for needed items or unexpected emergencies but shouldn't be used as a replacement for sticking to your spending goals.

Lucas and Yates agree the biggest single secret to having more money is simply to spend less, adding that that along with clear, specific goals and a little self discipline and planning will work wonders for your money health in 2016.