The origins of the holiday are unknown but the aim of it is to develop and instill good financial practices that will solidify a person’s current financial status and serve them through retirement.
Some troubling statistics:
- The average American family’s credit card debt is $6,270.
- 50 percent of Americans have less than $1,000 saved.
- 20 percent of Americans don’t save any of their annual income.
- 50 percent of American households live paycheck to paycheck.
Things to review:
- Do you have enough money in your emergency fund? Calculate your monthly expenses and make sure you have enough money to get through six months if you lose your job.
- Are you sticking to your budget? Assess your budget frequently to see what should be adjusted. If you don’t have a budget, make one.
- Are you saving enough money for retirement? Review your retirement plans at least annually.
- Do you have too much credit card debt? If you can’t pay off your credit cards every month, don’t use them.
- Are your credit report accurate? Check them at least annually. It’s free once a year. More than a third of consumers who recently checked their credit reports found mistakes in them, a survey
- How savvy of an investor are you? Visit gov for resources to help you get started in investing or learn more about the investments you have.
I hope these tips are helpful. Being on a firm financial path can make such a difference in the lives of individuals and families.