October is National Financial Planning Month and an ideal time to look over your finances before the holiday wish lists come rolling in. That said, here are a few personal financial statistics we thought you might find interesting and helpful this October:
Prices have risen on everything this year, from energy to food to shelter. By April, the average household was spending an additional $341 per month over the prior year.
The average personal savings dropped 15% from $73,100 in 2021 to $62,086 in 2022. Analysts say several factors contribute to the drop in savings, including, once again, record-high inflation and people spending more as they resume some sense of normalcy in their lives.
Looking towards the holidays, Americans spend on average $998 on “holiday essentials,” such as decorations, food, gifts, and shipping costs.
Only 30% of Americans have a long-term financial plan that includes savings and investment goals.
If the 2022 financial climate has negatively impacted you, if you’re feeling discouraged, don't be too hard on yourself. Remember, long-term financial health doesn’t happen overnight. It happens one small decision at a time.
If you would like another set of eyes on your finances this fall, give the office a call at 269-324-0080.
We look forward to hearing from you,
The Gasaway Team
7110 Stadium Drive
Kalamazoo, MI 49009 (269) 324-0080 FAX (269) 324-3834
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