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New Year’s Resolution: Save More Money

Consumer Science

Thursday, December 20th, 2018

It’s January, and that means holiday credit card bills are coming due and tax season is right around the corner. If you made a New Year’s Resolution to save more money, follow this SMART advice from Mike Roe, lecturer in the Department of Consumer Science.

Your child is nearing college age. Retirement isn’t too far away. Debt already is piling up.

Saving money should be a habit, not a hardship, if better financial planning is your New Year’s resolution for 2019, said Mike Roe, a certified financial planner and personal finance instructor in the College of Health and Human Sciences at Purdue University.

Many adults know to automatically contribute a portion of their earnings to a retirement account, such as a 401(k), IRA and Roth IRA, or a college savings account, such as a 529 plan. But additional, automated contributions to other funds could be a good way to pay down debt, save for travel or plan to retire early, Roe said.

“Every time you get a paycheck, have some withheld and then direct those deductions to something that will help you meet a goal,” Roe said. “It’s very painless; you don’t see the money and it’s a way to start a habit of saving.”

Financial planning goals should be specific and measurable, but most importantly, they should be realistic, Roe said.

“It’s very important to set realistic goals, whether they are financial or otherwise,” he said. “If I was setting a weight loss goal, it might be unrealistic for me to say, ‘I want to lose 60 pounds.’ When you set unattainable goals, a lot of times you will lose motivation.”

About Mike Roe

Mike Roe graduated from Purdue University with a B.S. in Economics (Honors). He retired from MorganStanley SmithBarney in 2009 after a 31-year career as a financial advisor. Mike served as Director of the IU Health Arnett Foundation. He currently teaches Ethics and Compliance in Financial Counseling and Planning, Introduction to Personal Finance, Retirement Planning and Employee Benefits, and Financial Industry Exam Prep. Mike is also the instructor for the Financial Counseling and Planning Internship. He has taught Consumer Investment and Savings Decisions, Consumer Behavior, and Customer Relations Management. Mike is passionate about helping students prepare for their careers and enjoys sharing with them his financial planning and wealth management experiences. He is a CFP® CERTIFIED FINANCIAL PLANNER™ and a Chartered Retirement Plans Specialist.

Writer: Joseph Paul, 765-494-9541, paul102@purdue.edu

Source: Mike Roe, meroe@purdue.edu

Note to journalists: A video is available at https://www.youtube.com/watch?v=YozkHP55UN4.

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