Making and sticking to financial resolutions for 2020

WAUSAU, Wis. (WZAW) -- Many of us have included financial resolutions as part of our goals for 2020. In fact, a recent poll from Chase bank says that more than 80% of consumers plan to save more this year.

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A new report from the JP Morgan Chase Institute found that families need roughly six weeks of take-home income to weather typical income and expense swings throughout the year. And 65% of families lack a sufficient cash buffer to do so and most Americans don’t have $400 saved to cover an emergency.

With January marking the start of a new year and many consumers thinking about financial health resolutions, personal finance expert Farnoosh Torabi joined NewsChannel 7 at 4 via satellite, to offer tips on how to create a savings habit and build a fund to help weather life’s small and large financial shocks, so more Americans start the new decade with a savings goal and better financial health.

“If you have money in the bank, it’s not only just a better night’s sleep, but it’s really practical. Because when life takes a twist, an unexpected turn, it allows you to ride it out smoothly,” Torabi said.

She added that the best way to maintain your financial goals is to keep yourself accountable through a network of friends, family, loved ones or colleagues.

“Lean on a lot of the technology that’s going to kind of do the work for you. Chase Autosave [app] allows me to kind of figure out ahead of time how much I want to save, how frequently, tell the feature to do it for me and it’s done automatically.”