Tags: Savings, American Family Financial Statistics, New Year’s Resolutions, Saving Money, Retirement
To spend less and save more is one of the most common New Year’s resolutions. In reality, however, the majority of American adults do not have an emergency fund in an event of job loss or illness. A quarter of American families have no savings at all. While the majority of working Americans are saving for retirement, having a retirement account is an afterthought to 40% of working Americans.
Beginning of a new year is when consumers re-examine their family financials, auto insurance policy, credit score, etc to cut unnecessary expenses. Bringing a lunch bag to work, making your own coffee instead of getting one at a coffee shop are common tactics. These actually may not cause drastic changes in your daily routine, but the extra cash you get each month will have a positive impact on your financial standing. What is your strategy?
