A poll conducted by the National Foundation for Credit Counseling revealed that 66% of respondents are not sure how to attain financial stability.
“While it is encouraging to know that financial stability remains an important goal for consumers, it is deeply concerning that so many are unclear about how to reach that objective,†said Bruce McClary, spokesperson for the NFCC. “With a few initial steps, most people could be on their way toward achieving what they had initially thought to be impossible,†continues McClary.
Additional survey results:
- Roughly 23% don’t believe financial stability is attainable.
- About 8% say they are confident about their path toward financial stability.
- 3% say they are already on the path toward financial stability.
If you are among the 66% who desire to attain a stable financial future, here are some tips to help you get started:
Hire a financial planner. A certified financial planner can help you see where you need the most help with your money and then assist you with carrying out a viable plan. See the article, Five Tips to Consider When Choosing a Financial Planner for details.
Devise a spending plan and stick to it. Write down everything you spend for at least one month. This will help you see exactly how much you are spending and what you are spending your money on.
Make savings automatic. If you tend to save cash and then spend it after a short time, it would be in your best interest to open an online savings account that is separate from your traditional checking and savings account. You’ll be less tempted to spend money that you can’t easily access. As the saying goes, out of sight, out of mind.