Have you ever wondered how financially successful people spend their money? While there are always stories of people making it big through social media or crowdfunding campaigns, most successful people achieve their goals by saving their money and spending it wisely. Sure, there may be the occasional indulgence, but overall, these people rarely waste money on goods and services they don’t need. 

If gas prices and inflation are cutting into your budget, here are some things you’ll want to cut out. These are costs that financially successful people rarely waste their money on!

Lottery Tickets 

Although playing the lottery can be a thrilling experience, your chances of winning are close to zero. According to this article, your odds of winning the Mega Millions are about 1 in 176 million. Even if you’re playing in a single-state lottery, like the California Super Lotto, your odds only increase to 1 in 42 million. Bottom line: While it can be fun to buy lotto tickets, this is not an investment strategy. 

Bank Fees

You might assume that you can’t avoid bank fees, but you have more control over them than you think. However, you’ll have to do your research and ask the right questions. When you pick your financial institution, ask about maintenance fees, ATM fees and other charges. Look for banks that allow you to open an account with little money and have no minimum balance requirements. 

Late Fees

Late fees are also something that you should avoid, as these can cut into your savings and hurt your credit score. Consider automating your payments so that you never pay late. This is the best way to avoid both late and penalty fees. Not to mention, just one late fee can cause you to lose any promotional rates on the card. 

Credit Card Interest 

While it’s best to pay for things upfront, there are times when you’ll have to pull out the plastic. But, be careful about accruing interest. Buy only what you know you can pay off when the statement comes, and if you have a leftover balance, try moving it to a credit card with a zero percent introductory APR. And, make sure that you pay off your balance before any promotional period ends, otherwise you’ll have to pay back interest. 

Extended Warranties 

Generally speaking, extended warranties don’t give you much bang for your buck. Instead, it’s better to utilize the manufacturer’s warranty, as you might have more coverage than you think. Also, consider the costs of potential repairs versus what you’ll pay for the warranty. Oftentimes, it’s cheaper to pay for the repair than a full warranty. 

By cutting out some of these unnecessary expenses, you can better manage your money and make it work for you! Now is also a great time to enlist support from a financial advisor like Leonard Financial Solutions. Contact our financial experts today for an appointment! 


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There has been a lot more talk regarding mental health and how it relates to things like social media, diet and exercise and career choice. However, one of the leading causes of mental health problems is financial stress. 

People from all over the world have to deal with financial uncertainty, especially now during a pandemic. Between a loss of work, increasing debt and unexpected expenses, financial worry is something that affects many Americans. 

In fact, a study from the American Psychological Association (APA) found that 72 percent of people feel stressed about money at least some of the time. If you are one of them, you certainly aren’t alone. But what can you do to improve your situation - and your mental health? 

How Finances Affect Your Mental Health 

While it’s true that you don’t need money to be happy, you do need it to survive. This is why people who struggle with their finances also tend to struggle with their mental health. The cycle makes sense, too. When your finances leave you stressed, anxious or depressed, it becomes harder to manage money, leading to further financial problems. 

Financial stress can lead to the following symptoms: 

• Trouble sleeping
• Social withdrawal 
• Depression
• Anxiety 
• Weight gain or loss 
• Relationship difficulties 
• Unhealthy coping mechanisms 

Tips for Dealing with Financial Problems 

Most people are understanding of financial problems because they suffer from them, too. Avoid hiding from your issues or pretending like they don’t exist. This only makes things worse. 

• Talk to a professional. There are many professionals who can help you manage your money, communicate with creditors, claim benefits, find work and more. A financial advisor in NJ is a great place to start. 

 

• Take inventory of your finances. List ALL debts and spending. See where you can cut things out, such as subscriptions or dinners out. Also eliminate all impulse spending. 

 

• Make a plan and stick to it. When you determine your financial problems, such as overspending or too much debt, you can create a solution and stick to it. 

 

• Create a monthly budget. Setting and following a monthly budget can help you regain control of your finances and live within your means.  

 

• Manage stress. It’s important to manage your stress levels, and you can do this by practicing good self-care. 

There is a direct link between mental health and money. If you feel that you’re struggling with spending and saving, contact Leonard Financial Solutions today. Our financial advisors can help you get back on track with your finances, while also helping you save for retirement! 

The end of the year is a good time to reflect on your accomplishments from the current year and set new goals for the future. By taking some time to meet with your financial advisor in NJ, you can make sure that you’re on track with your specific goals. 

Now is also a good time to make strategic decisions regarding education savings accounts, healthcare enrollment, gifts for family and friends and retirement contributions. These are expenses that are likely to come up throughout the year. 

Reviewing Your Financial Plan 

First off, if you don’t have a financial plan, now is a great time to start one. According to Gallup, only 30 percent of Americans have a long-term financial plan. Fortunately, it’s easy to set one up. Meet with a financial planner in your area to get started. 

If you do have a financial plan, make sure to review it regularly. These plans are not “set it and forget it.” Ideally, you should review your plan once a year to make sure that you are on track with your goals. Here are a few key elements to include in your financial plan: 

• Your budget. How realistic was your budget? Do you need to make changes to account for additional expenses in the new year? 

 

• Retirement accounts and investments. Are your investments helping you reach your goals? Your financial advisor in New Jersey can determine if you need to rebalance your portfolio to accommodate your goals. 

 

• Taxes. Will your tax situation change next year based on your income? For instance, if you plan on earning more, you’ll have a higher tax burden to account for.  

 

• Potential risks. Does your plan have gaps that can put your finances at risk? If something unexpected happens, such as a job loss or illness, will you have enough put away to cover these expenses? 

Setting Realistic Goals 

Many people look toward a new year with high hopes and aspirations. Maybe they want to travel more, open a business or pay for a college education. No matter what you hope to achieve, it’s important to set realistic goals and include them in your plan. 

Keep in mind that it takes time to reach goals. You have to start slow and work with the resources you have. A financial advisor can help you set realistic goals that will work within your budget, as well as creative ways for how to get there. 

Meet with Your Financial Planner in New Jersey 

It doesn’t take much to create a financial plan, but you do have to keep up with it. Make it a goal to meet with your advisor at least once a year to review your plan. And if anything major comes up, let your financial advisor know so that they can adjust things accordingly. This way, you can make the most of your budget while putting money toward your retirement. 
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Protecting our loved ones from financial hardships when we can’t be there for them anymore is the main reason why we get a life insurance policy. But what if you only need to protect them from long term expenses such as the mortgage, a home equity loan or your children’s education? A return-of-premium-life insurance assures that you will get your money back if you outlive your policy term. This type of insurance guarantees that you’d be able to give your loved ones the financial protection they need.