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MONEY MANAGEMENT FACTS STRESS LEVEL OF THOSE UNDER 30 YEARS OLD • Some financial stress 62% • High level or overwhelmed by financial stress According to the "2013 Financial Stress Research" report from Financial Finesse, 62% of those surveyed who are under 30 report having "some" financial stress, and another 15% say they have a "high level" or are overwhelmed by financial stress. 15% 10 20 30 40 50 60 70 The 50/20/30 budgeting method: 50% of your take-home pay (your paycheck after taxes) goes toward your essentials (rent, utilities, groceries, and transportation), 20% goes to the future (paying down debt, saving for emergencies and retirement), and the rest - a whole 30% - goes to your lifestyle (eating out, vacations, shopping, etc.) RENT, UTILITIES, GROCERIES, AND TRANSPORTATION 50% 20% PAYING DOWN DEBT, SAVING FOR EMERGENCIES AND RETIREMENT 30% EATING OUT, VACATIONS, SHOPPING, ETC. 10-15% Many financial planners recommend that you save 10% to 15% of your income for SHOULD GO TOWARD RETIREMENT retirement, starting in your 20s. The Consumer Federation of America calculated IF YOU SET ASIDE: that if you saved $50 per week every week for 40 years, you'd have $332,020 even if you invested it at a conservative rate of only 5 percent per year. $50 PER WEEK This means that you'd end up with more than three times what you actually put in. Furthermore, if you just kept the $332,000 invested at 5 percent, it'd throw off $16,601 in interest every year without IN 40 YEARS, YOU'LL END UP WITH $332,020 you doing anything. $15,355 Use your savings to pay off debt. The average U.S. CREDIT CARD DEBT household with debt carries " $129,579 $15,355 in credit card debt and $129,579 in total debt. TOTAL DEBT The more time you take to pay off your debt, the more you'll wind up spending. The average household is paying a total of $6,658 in interest per year. This is 9% of THE AVERAGE HOUSEHOLD IS PAYING $6,658 the average household income ($75,591) being spent on interest alone. IN INTEREST PER YEAR SOURCES: dailyfinance.com/2013/07/11/money-management-tips-millennials-new-jobs money.cnn.com/retirement/guide/basics_basics.moneymag/index7.htm quicken.com/support/help/INF24304 nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household Brought to you by: İSETTLEMENTS.COM www.isettlements.com