But sometimes it is really hard to figure out where to begin. Now is a great time to start. It’s America Saves Week – A time to review your finances, determine your goals, and make a plan to reach those goals.
According to a 2012 survey, 45 percent of American households with annual incomes of less than $50,000 rely on credit cards to pay their bills. And America Saves says that 37 percent of low-to-moderate income households don’t have a savings account.
I’ve lived paycheck to paycheck and I’ve been in debt, and it really stinks. Getting rid of that debt and knowing that you have a little bit of money in the bank for emergencies brings a tremendous peace of mind.
So today, start by taking a good hard look at your financial situation. Look at what you have and what you owe. Use that info to figure out your direction.
America Saves has a great Saver Checklist Tool to help you determine if you’re saving money in all the right places. The also have a Personal Wealth Estimator that will help you determine your net worth. Knowing your net worth is a critical step in determining a financial plan.
Consider taking the Pledge to Save. More than 350,000 people have signed up to take the Pledge to Save. Join forces with others who want to eliminate debt and build wealth, and you’ll find inspiration and hope.
When we finally reached our personal finance tipping point, we found that making savings automatic helped a lot. We put a little money away from each paycheck into savings and retirement funds before we do anything else. If we don’t see the money in checking, then we know we don’t have the money to spend. Sometimes just a few frugal mind tricks can help you save.
You can save money. I know you can. Just remember that every little thing you do adds up. We’ve got tons of money-saving ideas right here at Northern Cheapskate to help you cut costs. Even if you can only put away $10 or $20 a month, that’s something.
Just start. Now.