Tips for getting on right financial track

Tips for getting on right financial track

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Certified Financial Planner John Fawaz says your financial health is always important, but that's especially true with what is going on in politics and the economy. Certified Financial Planner John Fawaz says your financial health is always important, but that's especially true with what is going on in politics and the economy.

KNOXVILLE (WATE) - New Year's resolutions aren't just for losing weight. They can help motivate you for getting in financial shape.

Certified Financial Planner John Fawaz says your financial health is always important, but that's especially true with what is going on in politics and the economy.

During his appearance Wednesday on Good Morning Tennessee, Fawaz said now is the time to get your financial home in order and he offered three tips to help you do that.

Budget - Fawaz says a critical step of every financial plan is to have a budget. You need to know where you are spending your money. He suggests trying a free smartphone app or a small notebook to keep track of your expenses. At the end of the month review your spending and see where your money is going. Once you know where you are wasting money then you can put together a plan to address that.

Annual Net Worth Statement - Add up your liabilities and subtract that number from your total assets. That will tell you your net worth and is the real indicator pf how are you doing financially.

Set Goals - Fawaz suggests writing down your goals. This will clarify the direction you want to take, make you more accountable. and it is a great motivator. Set short term and long term goals for your personal life as well as professional life. Just make sure your goals are attainable and realistic.

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