In 2019, 36% of Americans had the goal of saving more money, 23% planned to pay off their debts, 18% had the desire to stick to a budget, and 15% wanted to increase their income. However, less than half of Americans have a savings plan or goals. In fact, 2 in 5 have never had a budget, 2 in 3 easily overspend when using a credit card, and more than 1 in 3 spend more than they save. Grasping the basics of good many management can take you far. Moreover, those with a financial plan are twice as likely to make progress toward achieving their life goals. On the contrary, improper asset allocation can place a major roadblock to living your best life. 2 in 3 Americans are not confident about their finances, so it’s likely this could apply to you, or someone you know. Let’s dig in.
A major factor in drafting a financial plan should be where you envision yourself in the future, and what spending habits can guide you there. If done properly, and followed, the plan will grant you access to the life you envision for yourself. For example – less than 2 in 3 Americans are confident they can afford a comfortable retirement; however, only 15% have a written retirement strategy. Millennials are now the largest slice of the (American) adult population; however, Millennials & Gen Xers are less invested in equities than Boomers – and may find their retirement portfolios are underfunded. The solution? Draft up a retirement strategy. It’s better to start with something than end with nothing.
On the other hand, a financial plan can also be used to navigate life transitions. For example, paying for college. 97% of parents plan to pay for at least some of their kid’s tuition. That’s at minimum. On average, parents plan to pay for 70% of their child’s total college expenses. However, most parents are only on track to cover just 29% of that goal.
Remember: time is money. In fact, time is more valuable than money. While money can’t buy you happiness, it can buy you more time – positively influencing your happiness. For example, reducing stress from your hectic, busy lifestyle, and freeing your time for things that bring you joy.
We’re in the digital age: smart technology is a great resource to free your time. The iRobot Roomba vacuum and the iRobot Braava mop are great instances of buying tech to free your time. These can automatically clean your house, and you can control them from your phone – all while relaxing. Similarly, the Worx Landroid has capabilities of mowing your lawn on a daily basis, will automatically return to the charger, and is even smart enough to skip mowing on rainy days. This can be a great resource on hot, summer days you can spend the time doing other activities you enjoy. Investing in tech can also grant you peace of mind, such as the AppBot Riley. This gadget travels around your home using motion detectors, infrared, and a built-in microphone to detect security threats in areas of the home your traditional system may not see.
It’s important to be smart with your money. 75% aren’t even sure how much they should be saving. 45% of Americans feel their relationship with money is stressful, and 33% feel it’s worrisome – but only 36% have a positive relationship with money. Simple steps such as replacing your bad spending habits with habits that align with your goals, and sticking to your created budget can transform your financial future – as further explained below.
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