Given the current economy, the best time to start taking control of your finances is today. Being financially responsible doesn’t just happen. It’s a conscious decision you make to live within your means. Slowly, U.S. consumers may be catching on. A nationwide survey on the financial state of U.S. households, conducted by PricewaterhouseCoopers, found only 13% of households are currently saving 7% or more of their disposable income, although fully 36% of households expect to save at this level in 5 to 10 years.1 While that trend may be encouraging, there remains ample room for improvement.
It’s Never Too Late to Plan - No matter what stage of life you’re in, you should have a strategy that helps meet your current financial needs while creating a path to help you reach long-term financial goals. Whether you’re just starting out or nearing retirement, a strategy is necessary, and the good news is no matter what your age, it’s never too late to start. A proactive approach now can help avoid heartaches and disappointments later on.
Consider the following scenarios:
If you’re the head of a new household, perhaps with a new baby, how do you protect your family’s standard of living in case anything happens to you or your spouse? If you died today, how would your family manage financially?
Do you want to just get by or be financially comfortable so you can enjoy life with your family and friends?
No matter where you are in life, a financial strategy is a necessity. With a proper strategy, you’ll always be in a better position to help achieve your financial goals, whether it’s buying a home, driving a new car or retiring.
1Viewpoint on U.S. Savings Rate, PwC Financial Services Research Institute, 5/13/2010.