According to a recent study conducted by the Lincoln Financial Group, one in three Americans is struggling financially. This study sheds light on the financial struggles faced by many, as well as how setting goals can help to improve personal finances. Let’s take a closer look at this research and examine ideas for managing finances more effectively.
In-depth look at the Lincoln Financial Group Study
The Lincoln Financial Group study surveyed 1,000 adults across the US about their current financial state and their hopes for the future. The results showed that 35 percent of respondents were struggling financially, with 28 percent stating their financial situation has worsened since last year due to market volatility, inflation, and debt.
The survey also revealed that those who set financial goals are much more likely to be successful in achieving them than those who do not set goals. Nearly two-thirds (62%) reported improved aspects of their life due to goal-setting and nearly half (44%) reported having saved more money than expected. These results demonstrate how setting goals can have a positive impact on personal finances.
Ideas for Managing Finances More Effectively
In order to manage your finances more effectively, it’s important to develop a budget and stick to it, save money from each paycheck, and work with a financial professional for guidance if needed.
A budget should include all expenses such as rent/mortgage payments, bills, groceries, etc., as well as any irregular expenses like car repairs or medical bills that may come up during the course of the year. Knowing where your money is going will help you make smarter spending decisions and potentially free up funds for saving or investing purposes.
Additionally, saving money from each paycheck will help you build an emergency fund so that you are prepared for unexpected events such as job loss or illness. Stashing away funds from each paycheck is an effective way to build an emergency fund, allowing you the space to navigate through difficult times that might unexpectedly arise–such as job loss or unexpected illness. With this nest egg in place, you feel confident knowing that you are prepping yourself to be secure in any untoward incident, expanding your financial confidence along the way.
Lastly, working with a professional financial advisor is especially beneficial when it comes to crafting your long-term financial goals. This advisor will have expert insight into opportunities, strategies, and tactics tailored to individual needs and objectives. Whether you’re just starting out or in need of help staying on track, working with an advisor can significantly contribute to booming success in the pursuit of accomplishing objectives.
Key Takeaways
The findings from this study demonstrate how important it is to set goals when it comes to improving your finances—a key factor in helping people reach their long-term objectives such as retirement savings or college tuition planning. To get started on better managing your finances today, create a budget outlining all expenses and start putting away a portion of each paycheck into savings; then consider working with a professional advisor to get personalized advice tailored specifically towards your individual needs and objectives. With some simple steps today you can pave the way toward reaching your long-term financial success!
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