Okay, we know you've been bombarded with news this week about taxes, deadlines, Uncle Sam and those ‘get your money back America' H&R Block commercials. What you may not know about this month aside from the tax man cometh is that April is National Financial Literacy month. So, let's talk about your financial literacy and ways you can save more money.
CBS46's Scott Light recently interviewed Trae Bodge. She's senior editor for the website, Retail Me Not. They recently polled more than 1,000 Americans about their personal finances.
Here are the highlights:
- Nearly half didn't have enough savings to live for more than a month.
- About 25 percent of people with a savings account don't know how much money is in it.
- Only 51 percent feel confident in their understanding of their own finances.
- Only 22 percent believe they'll be able to retire at a time and in the style they were hoping for.
Do you fall into any of those percentages? If so, start small and your money can grow. Trae Bodge told CBS46 the easiest way to save is through an automatic draft to your bank, your 401K or to your financial planner. Like she and other financial planners say, an automatic draft lets you 'set it and forget it'.
She also recommended getting a financial planner. Yes, financial planners make money from fees but Bodge says the fees are well worth it considering your money will be professionally managed.
Lastly, and this could be hard for a lot of people, Trae Bodge says give up a luxury. No, don't trade in your luxury car. (Unless you truly can't afford it) Luxuries are daily expenses that add up every month. If you hit Starbucks four times a week then cut it to two. Now think about food, as in your lunch. You can barely get a sandwich combo with chips and a drink for less than 10 bucks these days right? Think if you packed your lunch three times a week. At $10 per lunch, that's $120 bucks saved per month right there. You'll be amazed in just a few months how your savings can accumulate if you can cut out a luxury or two or begin that automatic withdrawal.
Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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