MarketWatch recently reported that 66% of Americans feel that they are living paycheck to paycheck, and 49% consider themselves broke. In the same survey, it was revealed that on average, Americans feel like they need $17,430 in savings to feel financially secure.
The survey also revealed that respondents felt that earning a $73,785 salary would make them feel secure. This means most Americans don’t feel their salary is sufficient, as the average salary is just $61,659.
A lot of these financial insecurities can be attributed to debt. The country’s total household debt is at an all-time high, coming in at more than $17.5 trillion, according to the Federal Reserve Bank of New York. Americans are struggling to pay off their mortgage, student loans and credit cards now more than ever before.
If you’re in the same boat of feeling financially insecure and looking for ways to pay off your debt and achieve those goals you set back in January, here are 10 money moves from financial experts to help you get back on track.
Start Budgeting
Although you might already be doing this, James Allen — CPA, CFP and founder of Billpin — said the first step to financial stability is creating a budget.
“It’s like a financial GPS, guiding you to your destination,” he said. “The 50/30/20 rule is a good starting point, allocating 50% of your income to needs, 30% to wants and 20% to savings. It’s like a diet for your wallet — you need to know what’s coming in and what’s going out to maintain a healthy balance.”
Embrace a Spending Fast
“Consider a ‘spending fast,’ also known as a no-spend period,” said personal savings guru Mary Hines Droesch, head of consumer and small business products at Bank of America. “This technique allows you to control and understand your spending by cutting off any non-essential purchases for a specified length of time — a week, month, etc.
“Although it might seem daunting, think of it as putting your spending…
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