SACRAMENTO COUNTY, Calif. — I think we can all agree having California fully re-open in June is great news for local businesses. But as businesses open and people start spending, Lamar Simpson, a Sacramento financial planner, is worried about you and your wallet.
"I'm more concerned with the individual consumer because we've had kind of this forced deprivation for the last year. I think what we're going to see is a lot of people overspending and getting themselves into debt," Simpson said.
So before you go crazy and swipe your debit and credit cards in celebration of your newfound freedom, Simpson has three financial tips to help you balance your budget.
1. Spend in moderation:
“We'll get ourselves into a position where six, seven, eight months down the line, maybe longer, maybe shorter, you will become resentful because you haven't spent money and then you will overspend," Simpson said.
2. Watch out for sneaky sales:
"Be careful using your credit cards especially when everything is on sale. You might save 25% but you then paid 19% compounding (interest) over five years if you don't pay in full. So you paid three times the amount of what the thing was worth anyway," Simpson said.
3. Use the help of a financial advisor:
"Not only can a financial advisor help you save money now but later in life too. If you don't control your spending now you'll be left with a decision to either be working later in life or have less of a lifestyle when you retire," Simpson said.
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