Any time is a great time to check in on your long-term financial goals, and the new year is a good reminder to look forward when planning for your future.
According to Fortunly*, only 30% of U.S. Households have a long-term financial plan, 42.3% of have less than $10,000 saved for retirement, women are less likely than men to have a substantial retirement fund, and on average, Americans save less than 5% of their income.
But how does one confidently plan for their financial future? Here are some good guidelines to start with:
- Create a budget that is in-line with your monthly income and expenses. Don’t spend more than you earn.
- Keep track of your expenses – know where your money goes each month.
- Pay your bills on time. This simple task will help your credit score today, and in the future more than any increases in earnings.
- Periodically check your credit report.
- Save some money each paycheck.
- Invest in YOUR future. Invest your monthly savings where it will grow over time, and resist the temptation to touch it before retirement!
We also have virtual Financial Education Workshops that you can participate in from the comfort of your home. For more information or to register for one of the workshops, please click here, or go to https://www.useagle.org/invest-insure/investment-counseling/virtual-seminar-registration.
US Eagle also offers free Financial Wellness Coaching for our members. Click here to learn more and even make an appointment to discuss your financial future with a trained expert.
* Reference online article at https://fortunly.com/statistics/personal-finance-statistics
