In a PIX11 Morning News segment sponsored by Ridgewood Savings Bank, financial‑empowerment coach Ash Exantus (representing BankMobile) shares practical New Year’s financial resolutions for 2017. He emphasizes the importance of writing down SMART goals—specific, measurable, achievable, relatable, time‑bound—and gives a concrete example of saving $2,000 by setting aside $100 each paycheck. Exantus advocates the “pay yourself first” habit, recommending an automatic 10 % of each paycheck be transferred to savings before other bills, leveraging the psychological benefit of out‑of‑sight money. He advises viewers to audit and eliminate discretionary fees, which can free up additional cash for saving. The coach highlights several fintech apps—BankMobile, Mint, Digit, Acorn, Wealthfront—that automate saving, round‑up investing, and fee avoidance, and he names Acorn as a favorite for micro‑investing. Recognizing that reliance on a single income source limits financial freedom, Exantus urges listeners to launch a side hustle, noting that millionaires average seven income streams and “thousandaire” goals require at least four. While he promotes a universal 10 % savings rule, he acknowledges comfort levels vary and suggests traditional banks may also offer suitable solutions. Throughout, the tone remains encouraging, instructional, and optimistic, aiming to empower viewers to take concrete, technology‑enabled steps toward financial stability.
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Up next on the PIX11 Morning News is brought to you by Ridgewood Savings Bank. Multiply the good.
The new year is a time to wipe the slate clean and set new goals for yourself. Something that a lot of people look to do is create some financial stability, some financial goals. So here to get us financially ready for 2017 is financial empowerment coach Ash Exantus with BankMobile. Thanks so much for joining us.
Thank you so much for having me.
So making your resolution to be financially stable or maybe save money, is that realistic?
Oh, absolutely. If you write it down, it has to have a a goal attached to it.
Tell me the way.
So that's the first way. The first way that you have to write it down, but it has to be a SMART goal, or it has to be specific, measurable, achievable, relatable, time-bound. You just can't say I'm going to save money this year. You have to say I'm going to save $2,000 this year by saving $100 every paycheck. It has to have a specific goal.
So up on our screen is SMART. What is the— what is the R?
Specific, measurable, Achievable, relatable, time-bound. It has to have those 5 components in order for it to be a goal that you will actually achieve.
Okay, so think about it, set a realistic number.
Absolutely.
Technology can help these days, right?
Yes, absolutely. Technology is a great way to help you save money. You have apps like BankMobile that can save you from unnecessary fees, Digit, Acorn, Wealthfront. These are all apps that, that are not going to cost you anything but to help you manage your money better.
All right, I've heard you say this before, you say pay yourself first.
This is very, very important. You got so many bills to pay, you got the mortgage, you have the credit card. You have to pay yourself first because the reason why you have the credit card and all these other bills is because you're not taking care of you first. Psychologically also, when you pay yourself first, you now think, you know what, do I really need to spend or splurge on these things? So you have to make it automatic.
This year is the year that you say, you know what, I'm gonna make it automatic and pay yourself A lot of people can talk to their companies, right, and get them to set up, you know, a separate account, and right off the bat, before you even get your check, 10% goes away.
Exactly, and that's the way to do it because, you know, with the thought process of out of sight, out of mind, it allows you to keep that habit throughout the year and beyond.
What do you tell your clients who say, listen, every dime is accounted for?
You just have to just do it, right? Because a lot of times when the money— when the money goes, we have to realize that we'll budget whatever comes into our bank account. So do it and then budget what comes in after that.
So the first thing to go for some parents, what would you— what would it be?
It's all the discretionary things. There are unnecessary fees that we're paying throughout the whole year. So if you look at all of your bills and you look at all of the fees that we're paying for things, if we got rid of those unnecessary fees, I guarantee we will have extra money to pay ourselves first and save.
Do you have a goal? Let's say we go by decades from your 20s to your 30s to your 40s. Do you tell those certain people at a different age what number they should be saving per year?
No, I love the 10% number only because, you know, as your standard for everybody increases. Exactly. It increases with your, with your goal. But I think another goal that's really important is this year we have to start our side hustles, right? We have to make sure that we stop putting our passions aside because they say the average millionaire has 7 sources of income. The thousandaire needs 4 sources of income. So if you're only relying on one source of income, you're not really financially free. So this year has to be the year that you start that side hustle.
So smart. Okay, and since everyone does banking on their phones, I just want to go back to those apps really quick. You tell me the best one.
Oh, absolutely.
So everyone can hear you one more time.
So definitely start with, you know, BankMobile. You have Mint, you have Wealthfront, you have Digit, you have Acorn. I'm a big fan of Acorn. It rounds up your, your, your change, uh, it helps you start investing.
So, so you can make money on some of these apps?
Oh, absolutely. Yeah, and it helps you invest you know, invest your money wisely and helps you, you know, grow your money and add that other, you know, source of income or that other income.
Are there any risks for people who don't want to involve an app or another bank with the bank that they already have?
I mean, I think it's really about comfort levels. So if you're used to doing things the way you want to do them, I'm pretty sure that your bank may have a solution for you. But technology has really made it affordable It's made it easy access. You know, I come from a space where it took $50,000 in banking to start investing. Now you can invest with 50 cents.
So very cool. Ash Exantus, thank you so much for joining us with BankMobile. All those tips, awesome. Pay yourself first, 10%, everybody. I'm going to take that advice this year. I think reducing debt will also help you. So to get more
