Budget Diet for the New Year

It’s almost the second week of February. Do you know why that date is significant? No- not Valentine’s Day.  Research shows that by the second week of February, approximately 80% of people will have failed or dropped their New Year’s resolution. Even if you’ve already given up on your food/health diet, it’s not too late to put your budget on a diet.  This vlog will give a few great tips for trimming some of the “fat” from your budget in 2022, as well as getting your finances into better shape.

  1. Comparison shop….for your bills.
    So many bills are on auto-pay and auto-renew, it is easy to lose track of what we are spending. Many providers such as TV, internet, phone, and even homeowners and car insurance, start off with an introductory rate for a period of time but then the rates increase at renewal time. Take a look at each one of your bills and shop around!  Homeowners and Car insurance policies should be reviewed at least every two years. TV, internet and phone should be reviewed at least annually.  Set aside one day to focus on calling each vendor and seeing how you can save!
  1. Know where those financial “pounds” are coming from.
    Many diet plans recommend tracking everything you eat or drink to know where your calories are coming from. We should also have a way of tracking every dollar we spend to know where it is going. Consider utilizing an online budget/spending program like www.mint.com or Quicken.  Kramer Wealth Managers clients also have exclusive access to eMoney, a powerful financial management website that can also track expenses for you.
  1. Make a savings goal.

When losing weight, it is recommended that you set a specific target goal weight to work toward, sometimes with interval goals in between. When setting a savings goal, make sure it is specific and measurable. Whether it be to max out your retirement savings this year, or to save $1 Million for retirement, write down your goal and share it with your financial advisor. They can work with you to see what needs to be done to help you achieve it.

  1. Trim the fat.

Get rid of subscriptions, apps, and memberships you don’t use. See if you can go in with a friend on your Netflix subscription.  Look for free alternatives to paid apps you may be using. Forget about sunk costs- don’t feel you need to hold on to a membership just because you haven’t gotten your moneys worth yet. You’ve already spent the money and it’s gone, whether you used it or not. Cut your losses and save the money going forward.

  1. Let the bots do the work.

While there may be no way to lose weight without any effort, there are effortless ways to save money!  Consider adding browser extensions such as Ratuken or Capital One Shopping which find discounts or provide cash back for online shopping. Camelcamelcamel.com and Honey can track price history on items that you’d like to buy to get you the best deal. Just be cautious not to buy things you don’t need just because it’s a good deal!

Once you’ve identified the many ways you can save, take a look at how you can reallocate those cost savings toward achieving your financial goals. Consider increasing your 401k contributions or setting up a monthly automatic investment into a long-term investment account. Consider this: a $100 investment growing at 8% per year* will turn into almost $55,000 after 20 years!

So go ahead and take a look at where your budget needs to diet this year.

*Hypothetical return- not based on any actual investment. Actual investment returns vary and investing involves risk, including loss of principal.

Adrianna Rocha

Adrianna Rocha

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX
info@kramerwealth.com

Adrianna Rocha joined Kramer Wealth Managers in 2021.

Adrianna is responsible for client experiences and service. As part of the customer service team, she strives to help and provide top-notch service to our clients. As part of her role, she communicates with clients through videophone, schedules client meetings, prepares and processes forms, and gathers information for our advisors.

Adrianna Rocha graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017. Before she joined our team, she worked in the customer service industry for nearly a decade. She excels in human-to-human relations and takes pride in not only her own accomplishments, but her clients’ as well. Adrianna enjoys chatting about her slight obsession with dogs, houseplants, essential oils, and food: especially Mexican food! She is also a proud fur-mama to her beautiful Aussie-mixed pup, Ziva.

Adrianna is not registered with Osaic Wealth.

Adrianna Rocha

Adrianna Rocha

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX
info@kramerwealth.com

Since joining Kramer Wealth Managers in 2021, Adrianna Rocha has been a client service dynamo, ensuring every client interaction is seamless and delightful. She’s the go-to guru for all things client experience, handling everything from videophone chats to scheduling meetings and processing forms with a smile. Her goal? To make sure every client feels valued and well-cared-for.

Adrianna graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017 and brings nearly a decade of customer service experience to our team. She thrives on personal connections, celebrating both her achievements and those of our clients. When she’s not busy at work, you might find her indulging in her passions—dogs, houseplants, essential oils, and the tantalizing flavors of Mexican cuisine. Proud fur-mama to her adorable Aussie mix, Ziva. Adrianna brings a touch of warmth and enthusiasm to everything she does.

Q: What’s your favorite part of working with clients?

A:  I enjoy client service because it allows me to help people and make a positive impact. Using my listening skills to understand client needs and solve problems is satisfying. I love turning negative experiences positive and the daily variety of challenges.

Adrianna is not registered with Osaic Wealth.

Jack Morley

Jack Morley

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
240-379-6909 FAX
info@kramerwealth.com

Jack Morley has been a vital part of the Kramer Wealth Managers team since 2010, starting with various projects and officially joining full-time in 2013. As our go-to Account Service Specialist, Jack is the friendly face and reliable voice who ensures a smooth client experience. He’s the linchpin in client communications, handling account maintenance and bridging connections between clients and our advisory team.

A 1998 graduate of Gallaudet University with a BA in Psychology, Jack brings a wealth of customer service experience from retail and human services. His handyman skills are a bonus, making him the resident problem-solver and DIY enthusiast. Outside the office, Jack enjoys long walks with his dog Bailey.

Married for 25 years to his wonderful wife, Monica, Jack is also the devoted dad to two dynamic daughters who keep him on his toes. When he’s not walking Bailey—he’s likely tinkering on a new project or spending quality time with his family.

Q: What’s your favorite part of working with clients?

A:  I enjoy assisting clients in maintaining their accounts and ensuring there is a smooth transition in between changes being made within their accounts.

Jack is not registered with Osaic Wealth.