SIOUX FALLS, S.D. – For many people, finances can cause stress and leave them feeling down.
But experts say through good saving and spending habits those feelings can be turned around.
For most people, where they live, what they eat, how they get around and so much more relies on just one number. The amount of money they have.
“We just made a decision that rather than spending everything we had we would make sure that we had a plan for 401ks and pension plans and things like that so we’re pretty comfortable,” Dawn Armstrong said.
Armstrong and her husband worked full time until they retired. She says they focused on saving for the future.
While many know the importance of saving, today’s abundance of marketing and advertisements can make it hard.
“The product that they’re selling is going to ‘change our life’ and make everything so much better and… it’s a trap that we can fall into to believe all of that advertising,” Tim Heerts said.
Although it’s counterproductive, Heerts says people sometimes buy new items to distract themselves from dealing with the stress of their current financial situation.
Unfortunately that distraction only lasts so long.
“It gives us a warm feeling inside you might say and that is when you try to treat emotions with other things like money or substances and so on, we start to get into trouble,” Heerts said.
Financial stress can result in negative thoughts, impacting you and the people closest to you.
To avoid the stress he says stick to a budget, never carry a balance on a credit card, and be aware of what is a need versus a want.
“Consider what our needs are. The things we have to pay for, the things we have to plan around versus the things that are optional,” Heerts said.
But according to Heerts, South Dakota has the third lowest wages in the nation, hampering saving efforts.
“Find a budget that works and balance, save money and so on just gets harder because we have low wages and high prices,” Heerts said.
Although it’s not easy, saving your money may end up saving you in the long run.
Experts suggest having about three months of income saved at any given time in case of emergency.
“Don’t wait until the crisis is there to then figure out how we’re going to pay for it,” Heerts said.
One number, that like most ads say, could ‘change your life’.
Heerts says Consumer Credit Counseling in Sioux Falls and programs like Dave Ramsey’s are useful tools when it comes to saving.
For more information on Consumer Credit Counseling in Sioux Falls, click here.
For more information on Dave Ramsey’s programs, click here.