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Use National Financial Awareness Day to take stock of your finances

Money Two Hands Holding Money That's Being CountedNational Financial Awareness Day is Aug. 14. It’s a good time to review your finances and make adjustments, if needed.

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.

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