It can be hard to save, especially during tough economic times. But the coronavirus pandemic has also given people the chance to rethink their spending habits, and if you’re lucky enough to still have a job, it can be a really smart time to make some positive changes to your financial habits. That might include increasing how much you save each month.
A common piece of advice is to automatically save at least 20% of your income every month for future expenses including emergencies and future life plans (e.g. buying a home). Unfortunately, many Americans aren’t consistently hitting this mark.
We spoke to two financial planners in different cities who both were quick to point out the two areas where people are not saving nearly enough. Washington, D.C.-based planner Alicia R. Hudnett, CFP and New York City-based wealth advisor Anora Gaudiano, CFP both agree that many Americans shortchange themselves when