HONOLULU (HawaiiNewsNow) - Happy New Year and welcome to Smart Money Monday. So it's the start of a new year. What can people do or start to do to get in great financial shape The first step is to make a plan. Determine what your goals are and be honest with yourself about what your needs are vs what your wants are. Sometimes it's hard just to get started but anyone can start small, without trying to do too much at once. Pick one or two key areas that will make the biggest impact.
After making a plan, build an emergency fund. Nearly one in four adults have zero savings. Even though saving money in Hawaii is hard, find the discipline to put away whatever you can. The goal is to build up until you have 9 months of bare-minimum living expenses. Carrying debt is a drag on you financially and emotionally, so make sure you pay off your high-balance debt first.
Take a fresh look at your mix of investments. Just because 2017 was a great year for the stock market doesn't mean 2018 will be. So don't just set it and forget when it comes to your allocations.