It doesn’t matter what the future holds for you, you have to start saving money.
Saving helps you keep the proverbial wolf from the door. This is true for anyone, whether they are looking towards retirement, or if they are saving to pay for college for their kids, or even just to have something set aside for emergencies.
It seems that most people in the United States are not even close to being ready for any kind of financial emergency. 65 percent of Americans are saving little or absolutely zero.
The raw fact is that the average American has less than $4,000 in savings. This means that should something crop up, they’re not just underprepared - they could be in financial danger.
Even more shocking is that 57 percent of adults in the U.S.A. have under $1,000 available to them. If this sounds familiar to you, it is time to take charge and get yourself in the game, or you might be facing some rather scary times ahead.
One key thing to think about is your health and the healthcare you or your family might need. It is easy to forget about it when everyone is bright eyed and feeling great, but when illness or tragedy strikes, the world can be spun upside down in a flash.
 If you are living alone, then you will have to be able to cough up around $440 every month for individual coverage. That equates to over $5200 annually.
Premiums for family plans average out at a shade under $1200 per month, so that is over $14,000 every year you’ll be paying out to make sure your family is safe in the knowledge that they are going to be taken care of should they need it.
The truth is, these sorts of expenses are not only just setting money aside for a rainy day or an emergency fund, but they also are hard costs that need to be confronted.
Step one is to get a budget together. Understanding what has to be covered every month and every year is essential. It’s the only way to know what you need to get into your bank account before it starts being paid out on expenses and bills.
Some expenses are annual, and some are monthly. Once you have that knowledge, you are able to set goals and begin your journey to financial wellness.
Saving is the next step. Figure out how much you can set aside, and do it. Don’t spend on frivolous items, rather keep your eye on the prize.
There’s no point in living like there’s no tomorrow and spending money you don’t have. Tomorrow will come soon enough, and you will be faced with the need for cash you did not budget for.
Saving for your future is the only way to go. Start as soon as you can, and you won’t regret it.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC