Did you know that 65% of Americans end up saving little or nothing at all? And only 39% can cover a $1,000 emergency. This begs the question, are you saving enough money? Here’s four signs that you need to be saving more.
- You don’t have a savings goal. If you don’t know where you’re going, how are you supposed to get there? Having a true, written-out savings goal allows you to start setting aside a certain amount every week or month to start building towards your future goals.
- You don’t have an emergency fund. When disaster strikes, are you prepared? If you have a medical emergency, lose your job, or your car breaks down, your personal “safety net” should be there for you. If you don’t have an emergency fund, start one right away and work towards getting $1,000 in it as quickly as possible. You’ll be thankful you did.
- You have no idea how much you spend. Do you know where all your money goes each month? Keeping track of all your expenditures; from gas to Amazon Prime, and groceries to Starbucks, is vital. If you know what’s going out, you can probably find ways to cut back.
- You can’t fully pay off your credit card balance. Your credit card has a minimum payment due each month, and if you can’t pay that, then you’re not saving enough. That means you’re spending more than needed, too, as your interest piles up. This is a surefire way into heavy credit card debt, so make sure you’re paying your credit card off each month.1
Do you have a savings plan? Do you feel like you could be saving more? We can help you get on your way to more financial freedom. Feel free to call us and we can help in making the right choice for your situation.
The content in this article is for informational purposes only. Life insurance and related guarantees are backed by the claims paying ability of the issuing life insurance company. Customers are required to complete an underwriting process in order to qualify for life insurance. Customers may not qualify for life insurance if the underwriting process yields adverse results.
By clicking on these links, you will leave our server, as they are located on another server. We have not independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.