These days, online scammers are finding more and more creative ways to try and get at your hard earned money or personal information.
That annual vacation isn’t a right; it’s a luxury. Financial planner Diane McCurdy offers some simple ways to break the costly “vacation entitlement” habit—and start saving now for next summer’s outing.
Financial planner and author Diane McCurdy says spenders and savers don’ t have to end up in divorce court. All it takes is a touch of soul-searching, a dash of compromise . . . and a budget that allows for fun and retirement.
Where did your money go last year? Did you buy a shiny new car? The latest and greatest flat screen TV? Restaurant lunches every day of the week? Or did you tuck a healthy amount away into a savings account? If you answered the first three items in the affirmative and hung your head when you get to the last one, well, you’re not alone. Many Americans are spending more than they are bringing in. In fact, The Commerce Department has reported that in 2006, our personal savings rate fell to -1 (yes, that’s negative one) percent—the lowest level since the Great Depression more than seven decades ago.
One of the biggest questions surrounding retirement is “How much is enough”? Opinions on the “right” amount can vary and many people feel overwhelmed and anxious about whether they have enough saved for a comfortable, worry-free retirement.
When saving for retirement, it’s never too late.
It’s a situation stressful enough to send most people’s anxiety levels sky-high. You wake up one morning, you’re 50, and you have no retirement savings. Unfortunately, many Canadians are heading toward that scenario or, worse, are living it. According to two Ipsos-Reid polls released earlier this year, six out of 10 adults feel they began saving for retirement much too late in life, and nearly 30% of investors do not own an RRSP. “Retirement is catching a lot of people by surprise,” says Diane McCurdy, a certified financial planner and author of How Much is Enough? “And they’re either panicking or burying their heads in the sand.”
According to financial planner and author Diane McCurdy, people have “financial attitudes” unique to them, and these attitudes shape how we should go about planning for retirement. “There are strengths and weaknesses in each; the problem is that if you take that weakness of the financial personality too far, you could get into financial trouble,” McCurdy said. McCurdy compiled her expertise in a book called How Much Is Enough? In her book, McCurdy includes a 14-question quiz to help determine if you are a builder, saver, giver or spender.
Peace of mind is your reward for following the How Much Is Enough? program. If you’re on track for your Enough Number, enjoy today’s pleasures without worry. If you’re not on track, you’ll know your choices for doing what you have to do. It may be as easy as saving a few more dollars a month.
It’s very tough when you’re stretched to the limit. If your situation will probably change in a few years, you might be able to make up for not saving now. But if you think you’ll be at this same level for some time, you really need to create a cushion for yourself. First, be very clear what is a want and what is a need. One of your needs is to save 10% of your earnings. If you can have that taken off your paycheque before your get it, you won’t notice it so much. Allocate enough money to cover your needs, then plan what you want to do with the rest.