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3 Ways to Take Charge of Your Money

Do you find yourself struggling to create a budget or save for retirement? You are not alone! 3 out of 5 people don’t know how much they spent last month. [2] That’s 33% of Americans who do not have a budget for the month. [1]

It’s time to confront your financial fears by changing your habits today so you can change your life tomorrow! Here are 3 ways to take control of your finances and give your savings a boost for a better future:

1. Trim Unnecessary Expenses – First, figure out where your money goes. After creating your list, it’s time to decide what is a necessary expense versus a luxury expense. Here are some examples of areas you could cut or scale down:

· Cut subscriptions or cable

· Use generic products instead of name brand

· Get creative with leftovers

2. Live Within Your Means – Like the old saying goes “live on less than you earn.” Get real about your needs and wants. You can achieve this by:

· Prioritizing expenses

· Paying down debts

3. Get Comfortable Watching Your Retirement Savings Grow – In America, the median household retirement account balance is $50,000. [3] Once you’ve created your budget, put your newfound savings toward your savings goals. These areas should include the following:

· Emergency savings

· College savings

· Retirement savings

Throughout this process, be patient, stay the course, and remain focused on your budget and savings for your financial future.

[1] 2019 Annual Budgeting Survey. April 4, 2019.

[2] Mint spending knowledge survey (via Google Surveys). May 2020.

[3] Transamerica Center for Retirement Studies. “19th Annual Transamerica Retirement Survey: A Compendium of Findings About U.S. Workers.” December 2019.

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