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How Can You Boost Your Savings?
Written by Your 5News Team
Last updated on August 20, 2014 @ 6:29PM
Created on August 20, 2014 @ 5:51PM
Kids are back in school and summer is winding down. So, many of you are probably trying to close your wallets for a while after all your summer expenses and we want to help get you back on track!
Financial experts say the best thing to do is to create a smart budget. To save your money, you have to first figure out where your money is going. Then you have to see what is necessary and what isn't so important. From there your budget begins.
According to a study, 71% of people have financial worries and 31% of them say their biggest concern is not having enough savings. Experts say that's where planning and investing comes into play because if you just park your money in a savings account and leave it alone for years it could decrease in purchasing power.
"It's an insidious situation because you might feel comfortable, but you get down the road it doesn't show up right in front of us this year or next year. It shows up 5, 10, 15 years down the road. You need to have appropriate investments that offset that insidious nature of inflation," said Chris Fry, Financial Advisor. 
Here are some more helpful tips:
  • Figure out a way to avoid food waste,. 
  • Don't make emotional purchases. 
  • Put extra money away, don't use it. 

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Comments (1)
Aug 20, 2014 at 10:01 PM
My concern is the talk from liberals like Obama years ago about taking our 401(k)s and combining them with the now politician stealing defunded social security. Not sure if we will keep it or take it out now!
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