from FREEDMAN FINANCIAL | May 13, 2016

Stop Doing This & Watch Your Savings Grow

You may be shocked to learn how much your habits are costing you in potential retirement savings.

We've all been told the importance of saving for our future, yet cutting our spending to meet savings goals is often easier said than done. Small changes to your daily splurges can add up over time. And if you are young, time is on your side!

The average American spends $252 a month "eating out" according the Bureau of Labor Statistics. Imagine skipping two meals out a month. You'd save about sixty-three bucks. Transferring that monthly savings into a retirement account could build a nest egg close to $207,000 over 35 years (assuming a rate of 7.8%).

Got a gym membership? Especially one you're not using? That $40 monthly membership could add up to $131,808 if you put it into an investment account.

Take a minute and evaluate your spending. Could you pair it down just a bit? After all would you rather a daily latte or a more comfortable retirement? The choice is yours.

Still Think You Can't Afford to Save?

Talking About My Generation

Are you a baby boomer? Part of Gen X? A millennial?

These "generational terms" are tossed around like participation trophies. Here's a list. Do you agree?

Greatest Generation, the people who fought & died in World War II, coined by Tom Brokaw as the "greatest generation" and it stuck. Are you going to tell them they aren't the greatest?
Baby Boomers, the only generation defined by the Census Bureau, are those people born between 1946 and 1964. The hard working generation of bigger is better.
Generation X, are people born between 1965 and 1984. Often referred to as slackers and the first "latchkey" kids as both parents were out working.
Millennials (Gen Y), those people born between 1982 and 2004. Freedom and technology loving group who beat to their own pace.
Born after 2004, your generation has yet to be given a good name. But "cupcake generation" has been tossed around.

More on the Generations...

IN CASE YOU MISSED IT

Freedman Financial's Blog

Read our latest blog post here, as well as find other postings that may be of interest to you.

Weekly Market Commentary

What Might Trump the Election Year Pattern?

Ten Signs of Financial Troubles Ahead!

Are you ignoring the red flag warnings about your personal finances?

It's highly unlikely that one day you'll wake up and be rich. It's just as unlikely, that in a blink of an eye, you'll find yourself in a less than an ideal financial situation. Both of these scenarios take some time. Wealth is accumulated over time and so is financial ruin.

Debt and financial troubles don't just happen, there are warning signs along the way. Too often spending habits are ignored. Before you find yourself in real trouble, take a look at this list. Here's hoping you're heading in the right direction.

Signs of Financial Trouble

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