|
Boost Your Confidence with a Financial Plan
 Looking for a silver lining in the economic slowdown? This may be it: Americans are saving more and paying off more debt. The amount of money saved in short-term savings rose 20%, retirement account investments jumped 54%, and the amount of money used to pay down debts rose 6% from August to September of 2008, according to one survey.*
Consumer Prudence
This new wave of consumer prudence breaks the belief that the U.S. had become a nation of spenders after personal savings fell to -0.5% in 2005 – the first time since the Great Depression that the rate was in the red for a year.
It also suggests that Americans are increasingly worried. Only 26% of survey respondents expected their financial picture to brighten in 2009, and less than one-third felt confident about their finances. Most were concerned about the stock market and real estate values. Those with the rosier view had something others lacked – a financial plan.
Find Your Silver Lining
A financial plan isn't just an attempt to save more and spend less. It's a personalized strategy for accomplishing your goals. Formulating your plan can help you move confidently toward financial well-being. Your plan should include:
- A budget: Find out where your money is going and then set limits.
- Debt repayment goals: You need some credit to build a positive credit history, but make sure you're not paying more fees and interest than principal on any debt.
- Routine retirement investments: Try to max out your individual retirement account (IRA) or employee 401(k) plan every year.**
- Automatic savings: Directly deposit at least 5% of your salary into a separate account.
- Up-to-date insurance and will: Take care of your loved ones now and in the future.
- A second opinion: A professional financial planner can help ensure that your newfound confidence is based in reality.
Call 518-785-3500 for information on direct deposit, IRAs and objective financial counseling.
|
