Americans Still Struggling to Save

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Americans Still Struggling to Save

Mar 02, 2014
To the experts, the economy may have recovered from the Great Recession. But ask the folks on Main Street and many have yet to notice a difference.

Most Americans continue to face “significant personal saving challenges,” according to a recently released annual national survey on household saving.

One of the best ways to start saving is to create a plan.

“Those with a savings plan do twice as well financially as those who don’t in each income group,” [Consumer Federation of America Executive Director Stephen] Brobeck said.

A critical step is to record how much you spend. For one month, write down absolutely everything you spend, whether cash, check, credit card or automatic debit.

“Just like dieters who write down everything they eat, and find they eat less as a result, you will likely spend less,” said Eleanor Blayney, [CFP®] consumer advocate at the Certified Financial Planner Board of Standards. “Writing it down makes you stop and think whether it’s worth it.”

Most important, pay yourself first. Write yourself a check at the first of every month and send it to your savings. Treat this payment just like the mortgage or utility bills — a must-pay. Easier still, set up an automatic transfer from checking to savings before paying other bills.

As Blayney said, “Building savings doesn’t have to be hard, especially if we slow our spending down and make [spending] more difficult to do.” Read more >
The Dallas Morning News
By Pamela Yip
March 2, 2014
Speaker's Bureau
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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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