savings

Savings

September 2011 Financial Security Index » Savings

Q:

How do you feel about the amount of money you have in savings compared to 12 months ago?

Among Americans ages 50 to 64, half are less comfortable with their savings than they were 12 months ago.
Twenty-one percent of those earning more than $75,000 are more comfortable with savings, versus 9 percent of those earning less than $30,000.
Forty-three percent of Americans are less comfortable with their savings than they were the year before. Last month, 47 percent were less comfortable.
Susan Hirshman

"If you are not feeling good about your savings, what can you do to feel better? The answer is simple: Spend less and save more."

Very few of us feel better about our savings than we did 12 months ago. In the last 12 months the United States was downgraded by Standard & Poor's. There has been no improvement in the housing market. Unemployment is still more than 9 percent and the costs of health care, college, food and gas continue to increase. There is unrest in the Middle East, a debt crisis in Europe, (and there are) earthquakes and hurricanes. The only thing we can control is our own actions and attitudes. Therefore, the question must be asked: If you are not feeling good about your savings, what can you do to feel better? The answer is simple: Spend less and save more. It's up to you.

- Susan Hirshman, CFP, president of She Ltd. and author of "Does This Make My Assets Look Fat?"

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