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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: Brought to you by: İSETTLEMENTS.COM

shared by isettlements on May 01
Financial stress affects all kinds of people. For those emerging adults between the ages of 20 and 30, the stresses of finances can become overwhelming. According to the Financial Finesse “2013 Fina...




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