VIDEO: 4 Signs You Aren’t Saving Enough Money
According to Bankrate.com, 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 4 signs that you need to be saving more.
Number 1, you don’t have a savings goal. Think about it, 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 of money every week (or month) to start building towards your future goals. In my opinion, if it’s not a realistic goal and written down, it’s just a dream.
Second, 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 at least 3 months of your monthly expenses in it as quickly as possible. You’ll be thankful you did.
The 3rd sign that you need to be saving more…you have no idea how much you spend. Do you know where all your money goes each month? Do you have a monthly budget set up? Keeping track of all your expenses; from housing costs, to auto expenses and gas, to groceries and travel, are vital. If you know what’s going out, you can probably find ways to cut back. And by cutting back, you will be able to save more for your future.
And lastly, a sure sign that you need to be saving more is when you can’t fully pay off your credit card balances each month. Your credit card has a minimum payment due each month, and if you can’t pay that, then you’re certainly not saving enough. That means you’re spending more than needed and the danger is that your interest will pile up. This is a surefire way into heavy credit card debt, so make sure you’re paying your credit card off each month.
Do you have a savings plan? Do you feel like you could be saving more? We can help you get on the path to financial freedom. Feel free to call us anytime.
https://www.bankrate.com/banking/savings/financial-security-0118/
