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-- the end of the year in the looming fiscal cliff it's more important than ever to straighten out your finances here with some money moves that you should make -- 2013.
It's Fox Business network's Lori Rothman nice to see this -- good -- -- so we always try to assess you know the family budget right move into the new year you start with tip number one money 101 just get back to the fundamentals and what do you say.
I do so this is what I'm expecting everybody to do as a -- and now given the fact that we don't know what our tax bill is going to continue to get that Lexington.
It's still important to maximize.
The contribution your putting out your 401 -- any kind of retirement plan out there.
And managing debt pay down your -- -- carry heavy debt when that's team everybody should be doing now -- it can't match you can't not do this massing out your 401 k's your company certainly matching up to six or 5% whatever they're doing this is free money and tax free that you're getting absolutely and throw in another plan on -- your 401K do Iraq diary can contribute about a thousand bucks.
Plus per year tax free as well so that's a good idea it's about knowing your goal when we should do -- you know know what goals you have well this is fascinating we are living longer which is wonderful but.
New statistics are showing that we're looking something like thirty years pass the time we become eligible for Social Security.
And keep in mind -- Social Security's own designed to cover 40%.
And your annual income so you need to firm up your number for retirement and -- calculators -- to do that Social Security Administration retirement -- -- -- -- do that so.
Really know what you working at.
Having said that all right how do you ramp up your investments how do you maximize.
The amount of money that you're gonna make from just buying stocks do you just buy stocks across the board because let's be honest last couple years with.
Interest rates so low saving isn't paying anything right you need to invest in the market.
Expecting modest returns to US stock market.
Expected to outperform but -- specifically.
Stocks in countries called emerging markets and refer to -- a brick countries Brazil Russia India even China.
He's economies are outperform in the US -- -- the expect experts expect them to continue to.
All kinds of financial instruments -- to take advantage of emerging markets look in some uncommon places for some investment just like you said outside the country.
Also cut back on the Starbucks and brown bag -- a little bit -- -- everybody was saying he's there's been ten dollars a day picking up a coffee for myself and my wife.
-- I think about it ends up being like sixty bucks a month up about ten dollars seven dollars for into the Wall Street Journal goes to rent.
And labor costs for the restaurant itself so again it's a no brainer cut back on the restaurant bill.
He can actually save money and do the math reinvested over the 2030 years you have ideally -- an average worker right now.
That's what might be sent to put toward your retirement and almost pretend like you're still buying this are a speech reinvesting taking them money that you were spending and just didn't don't have to pay attention to put right into a savings account advice I can -- -- it's been a good performer of -- -- -- -- -- -- and -- Finally hear -- talk about cutting back on the cable -- -- and TV and the phone that people just -- think they need these extra digital phone services and they might not.
So Smart phone obviously.
Competitive and this is your area right very competitive environment right now for the Smartphones the Google's -- and iPhone obviously apple these.
Negotiate with you to carry some particular there -- a lot of choices after for consumers so.
You can get a deal there also maybe -- the pink TV for Internet TV nine -- news big outage at Amazon.
Last night in Netflix but it's uncommon and again I mean Wall Street Journal puts -- some fascinating math if you can save 200 dollars a month.
-- your phone and cable that's 2400 dollars a year invest that over twenty years with a modest expectation -- percent gain.
You could -- an extra 70000 dollars for toward retirement that's significant.
70000 dollars Lori Rothman -- -- -- -- -- we'll have more FOX & Friends in two minutes happy new year to you.
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