Financial advisor shares money-saving tips for the New Year

BOCA RATON, Fla. — As consumers wait to see if inflation will cooldown in 2023, many people are trying new tactics to save money in the New Year.

On Friday, WPTV asked people in Mizner Park what their New Year resolutions are. Many people said their resolution is to save money in 2023.

“We got a Costco card so that we could buy our gas at Cotsco, because it’s much cheaper there,” a Boca Raton resident told WPTV.

“I don’t just pick it off the shelf now. I look at advertisements for food in the newspapers. I never thought I would do that,” another woman said.

“One big decision we made is we invested in an electrical vehicle,” a Boca Raton resident said. “Believe it or not, I’m saving well over $200 a month.”

Alex Hagan/WPTV

“Not only for money savings but just for health purposes, we’re trying to eat out less,” another person said.

These are all things that Noah Rubin with Wells Fargo Advisors in Boca Raton said are a great start to making the most out of your money this year.

“New Years resolution, pay yourself first. Literally think about when you get paid. You get a paycheck on the 1^st and the 15^th or whenever it actually hits your bank account,” Rubin said. “Go ahead and set up an automatic transfer, so the day that money comes in, it transfers over to an investment and savings account.”

Rubin also suggested prioritizing your needs over your wants.

“Set in your mind, every time you spend some money, is it a need, do I really need it or is it a want,” Rubin said. “Then before you know it, you have this nice pile of money to either invest in your future, or purchase a want that maybe you never thought you could have. People will be so surprised of how quickly and powerful the compounding affect of monthly savings is.”