THE OKLAHOMAN | NEWSOK.COM &A WITH TROY E. JONES REALIZING POOR HABITS IS FIRST STEP TO FINANCIAL FITNESS Q: What is the first step to getting financially fit? A Creating a budget is where most people want to start when putting together a financial fit- ness plan, but you can't create a workable budget without having the right information. | recom- mend reconciling and evaluating your expen- Troy E. Jones isa ditures first. Start with Certified Financial alist of your necessary Planner Ambassador payments and compare and CEO of Access. those with your actual Financial Resources Inc. spending over the last in Okdahoma City. few months. You likely will note substantial differences. From there, identify a realistic budget and make a commitment to stick to it. Don't look ata budget as a restriction but rather a tool to maximize where your dollars go. This will allow you to spend more on the things that matter. It’s also important to know that creating a budget takes planning and coordination with your spouse and other members of your household. Q: Why is staying within a budget so hard for many people? A: Too often people build budgets without taking inventory of themselves and their behaviors. It’s best to take stock and then develop smart habits to improve your finances and stick to your budget. For example, if you know you lack self control with credit cards, cut them up. You can't use them if you don’t have them. If you struggle to meet basic payments, round up to the nearest whole number and pad your large expenses when you create your budget — if your car payment is $375, list it as $400 on your budget. ‘Q: Aside from lacking a budget, what other poor financial habits do you see? ‘A Spending too much on adult children or other family members, which jeopardizes someone's long- term financial security. Also, a weak area for many parents is enabling their children’s spending. Instead, insist that your kids live with a budget they help create. This will improve your bottom line and helps. seta positive example for children, reinforcing valu- able, lifelong lessons. (@: What are some good habits when it comes to retire- ment planning? A: Take full advantage of any existing benefits package, such as a 401(k) or retirement plan. For a 401(k), make sure to maximize your investment by matching your employer's contribution. If you operate within individual funds, review your 401(k) account periodically. Establishing a dollar cost averag- ing arrangement, investing set amounts at regular intervals regardless of the financial climate for a new account such as a Roth IRA or 529 plan, also can increase your savings. PAULA BURKES, BUSINESS WRITER: