Here it is 2017 America Saves Week (ASW), and Money Wise Advisors has teamed up with the American Savings Education Council to motivate, encourage, and support low-to moderate-income households to save money, reduce debt, and build wealth. The 2016 annual ASW survey assessing national household savings revealed:
Just two out of every five U.S. households report good or excellent progress in meeting their savings needs.
– 52 percent are saving enough for a retirement with a desirable standard of living.
– Only 43 percent have automatic savings outside of work.
– More men (74 percent) report saving progress than woman (67 percent).
-Those with a savings plan with specific goals (55 %) are making much more savings progress than those without a plan (23 %).
The research clearly demonstrates that those with a plan are nearly two times as likely to spend less than they earn and save the difference. America Saves Week is the perfect opportunity for my readers to set a savings goal, make a savings plan, and save automatically.
In 2016, I coached several clients to create a savings plan. Similar to the results above, those who believed they could, wrote down a goal, and signed up for an automatic savings plan achieved their goal. The easiest way to accomplish your savings goal is to sign up at your bank or credit union.
As we continue on our awareness journey, how much more secure would you feel if you had a $1,000 emergency fund in a savings account right now? Would there be less fear of getting a flat tire, a fence falling down, or a roof leak? Could you stop using the credit cards, and start working on paying down debt and savings toward future goals and retirement? Write down your plan, and take action this week.
So far this year we have you reading your bank statements, bills, and investments, and committing to an automatic savings plan. In March we will be looking at creating a basic retirement strategy. If you’re ready to increase your money awareness, contact me for a Complimentary one hour Strategic Session to review your finances and write some goals for 2017.