We can all almost say money is always on our minds…how much do I have in my account? Am I able to afford that? Do I simply enough? Being aware of your financial health is important. Studies reveal Americans could be saving more with 65% save little or nothing at all, and half could end up struggling in retirement.¹ Are you among them? Here are some signs you’re not saving enough:

 

1. You don’t have any savings goals. Having goals are important especially when it comes to finances. Think about your future and what you want to achieve, financially. By setting specific savings goals, it will help you to put a plan in place and begin saving money.
2. You have no idea how much you’re spending. We all have a pretty good idea of how much money is flowing in each month from our paychecks. But what about all the money flowing out? Sometimes without realizing it, we spend more than what we make especially if we aren’t keeping track of our transactions.
3. You’re living paycheck-to-paycheck. This is a sign that you either need to increase your income or spend less. Otherwise, it will be nearly impossible for you to build up your savings.
4. You can’t pay off your credit card balance. If you’re not able to pay more than minimum monthly payments, then you’re spending more than what you’re making. This will lead you to further credit card debt that makes it more difficult to pay off and ultimately, put you behind on your savings goals.
5. You don’t have an emergency fund. You never know what lies ahead whether you lose a job, suffer a medical emergency, or face a large repair expense. To simply put it, life happens. It’s important to protect yourself from the uncertainties with an emergency fund. And if this isn’t one of your priorities, then you’re not saving enough.
6. You have no idea how much you’ll need for retirement. If you don’t know how much you’ll need to maintain your lifestyle in retirement, then you’re most likely not saving enough. You should define your ideal retirement and consider all of the expenses that come with it in order to get a rough estimate on how much you’ll need to support it.

 

If any of these apply to you, then it’s time to start planning and saving today. Saving sooner rather than later is preferred, but it’s better to save later than never.

Securities offered through SCF Securities,Inc. Member FINRA/SIPC 155 E. Shaw Ave. Suite 102, Fresno, CA 93710 • (800) 955-2517 •Fax (559) 456- 6109. SCF Securities, Inc. and Creative Financial Strategies LLC are independently owned and operated. www.scfsecurities.com Note: Securities offered through SCF Securities Inc., Investment Advisory Services offered through SCF Investment Advisors, Inc.This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company.

¹ https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html