New study shows most Americans don’t have proper savings – New Posts 2016

May 23, 2016

TALLAHASSEE, Fla. (WCTV — When it comes to saving money, people around Tallahassee each have their own methods.

“I try to cook more for myself and not go out as much,” said college student Niara Gainous.

“If I can’t pay it in cash, I won’t buy it,” said resident Debbie Blass.

While they might be saving, a new study by the Associated Press-NORC Center for Public Affairs Research says it’s not enough.

In fact, it says two-thirds of Americans don’t have $1,000 worth of emergency money saved up.

Certified Financial Planner Bruce Hagen said he’s not surprised.

“Incomes have remained stagnant while cost of living has gone up,” said Hagen.

Hagen goes on to say technology has also eliminated many jobs.

He says a majority of Americans don’t become financially stable until they’re 40.

“Prior to mid-40’s, any money you can save is golden because that money has so much time to grow and accumulate and the paradox is that’s the hardest time to put that money aside,” says Hagen.

Hagen says a person should have at least 3 months of their yearly salary in their savings account.

He goes on to say in order to save, you have one of two options —
increase your income, or reduce your spending.

“If you’re living in a one bedroom apartment, you may want to consider a two bedroom apartment with a roommate so that you can cut those expenses down or eating out 2 or 3 times a week,” said Hagen

“Save for the things that you want and if you can’t afford something right now, then ask yourself, ‘Do I really need this, or is it something that I want?’” said Blass.

Another way financial experts say to save money? Make sure you write down all of your expenses and see where you can cut things out.

MESHMODEL.COM– New Posts 2016


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