The New Year is a good time to reevaluate your finances.

Financial planners at the Bury Financial Group in Boardman explained the two reasons people fail when it comes to saving money and hitting financial goals – initiative and discipline.

President Toddy Bury said most people just don’t take the initiative to start saving and if they do take the plunge, they often get side tracked by a new car or other purchase.

First, look at your spending habits in 2018. Do you know how much you spend on food or coffee? Are there little ways you can cut back? Bury said it is important to write down your financial goals and offers some advice if you aren’t sure what those goals should be.

“Pay down your high-interest credit card debt first. A second goal would be to start saving money. Create an emergency fund. You need an emergency fund because if an emergency did come up, you don’t want to have to run to your 401K to have to take out money,” Bury said. 

Now is the time to take a look at your 401K and make some adjustments. 

“At the beginning of every year, if you increase your 401K just a little bit every year, you’ll never feel the impacts of it really impacting your pay a whole lot, but doing a little bit every goes a long way.”

Bury’s tips to begin financial planning in 2019:

  • Write down your financial goals
  • Establish a budget – make sure you know how much money is coming in and out each month
  • Don’t spend more than you bring in
  • Pay down debt – High-interest credit cards should be paid first
  • Create an emergency fund

According to, only 39% of Americans have enough savings to cover a $1,000 emergency.

Also, while going through financial paperwork, make sure you are properly insured and take a look at your wills and update them if necessary.