Akron Life February 2022

FINANCIAL PLANNING

and plan a set amount to spend on each. If you can, consider taking on a side hustle to earn some extra money to add to your budget. Then, based on your priorities, income and spending habits, form a plan for the next year to help you get on the right track. “They need to think about tomor row, rather than just today,” George says. “Your 20s is a great time to start investing for the future.” KEEP MOVING In your 30s, your financial priorities likely shift. Buying a house, manag ing debt and expanding your family might be on the horizon. George recommends paying any small debts you have first to help rebuild your credit, giving the example of paying a small medical bill to get it out of the way. From there, work on keeping your credit usage below one-third. Making those moves could help you while house hunting. “Having a solid credit score, two years of consistent employment his tory and good debt to income ratio,” George says, “those are the three big things that are looked at.” If you have kids, it’s important to invest in both their present and future. George gives the example of paying for kids to be in activi ties like football and dance, while also working to save for after they graduate high school. “I’m going to put $50 a month aside for them, then I’m probably skipping some fast food,” he says. “I have to do a tradeoff based on my values.”

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