Take simple steps to improve finances
“Frugality” has taken on new meaning this recession, becoming an almost hip and trendy trait — even for boomers.
Baby boomers have been able to enjoy spending for most of their adult lives as their assets grew steadily, notes Scott Hoyt, senior director of consumer economics at Moody’s Economy.com in a Associated Press article.
But, faced with children’s rising college expenses, combined with losses in retirement investments and declining home values, that has changed.
In fact, the article notes, Americans saved an average of 6.4 percent of their incomes last year, compared with less than 1 percent during the pre-recession boom. (Read “Frugality Survives the Recession” in the Wisconsin Rapids Tribune.)
Aside from trying to spend a little less and save a little more, many of us have a hard time determining the state of our finances and making significant changes.
Fortunately, The New York Times has created a handy tool for Wisconsin boomers looking to improve their financial outlook. The Times’ 31 Steps to a Financial Tuneup walks through a series of strategies that take anywhere from 5 minutes to 2 hours to complete. The steps go through investments and retirement, loans, credit, planning, consumer issues and insurance. The checklist is both interactive online and printable. Watch the short, useful videos for additional guidance.
Access the 31 Steps to a Financial Tuneup here.
Have you become more frugal or altered your financial habits during the recession? Did you use the 31 steps, and if so, how did this tool work for you? We welcome your comments.
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