2018: New year, new financial future

2018: New year, new financial future

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LUBBOCK, Texas -

A new study shows 62 percent of the country was stressed about money last year, yet only a quarter of Americans make resolutions in the new year to get their finances on track.

Try these few steps to keep your financial future from spiraling downward in 2018.

Local certified financial planner, Harold Evensky, said many people overspend in the final months of the year.

"That's the reality of the holidays but hopefully everyone will recover. It's a good time to start thinking about what to do right going forward."

To move forward, first determine your profits and expenses and develop a budget.

"It doesn't have to be extraordinarily down to the last penny, but you need to have a reasonably good idea what it's costing you to live at the standard of life that you're doing or would like to be," Evensky said.

Next, start figuring out your asset allocation, that's what Evensky called your "nest egg."

"Where your investments are: Stocks, bonds, cash, everyone's got one, most people have no idea what it is. So, the question is, is it appropriate for what you need to do."

Ask yourself what's the most efficient investment mix you can live with, and what can you risk to lose.

"You're not going to beat the system, the system's going to beat you. If you want to take a little money you can afford to lose, go to Vegas and have a good time. Don't do it in the market," Evensky said.

Of course, if you figure out you might be a little flustered, call in the reinforcements.

"I'm a little biased because it's my profession," Evensky said, "but you really need to sit down with a professional certified financial planner."

Planners help you adequately control your cash flow and prep your financial future.

"The real focus is on goals, what do you want to do with the money? It needs to be dollar specific, and it needs to be prioritized," Evensky said.

The biggest mistake you can make is not doing anything, not having an awareness of where your money is going and what you can afford to spend.

For more information on Harold Evensky, visit his page on the Texas Tech website.

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