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Respondents cited various factors preventing them from saving money.
For 47% of respondents, the cost of living was the most significant barrier.
By contrast, in December 2020, it was 11.8%.
This, along with personal ideologies, has contributed to anationwide debt problem.
These are some tactics he outlined forbulking up your nest egg without sacrificing your lifestyle.
Neuenschwander advised reviewing credit cards and identifying those with the highest interest rates.
Make a strategy to pay off the ones that cost you the most first, he said.
He noted that people can adjust their budgets by canceling streaming services and cutting back on clothing purchases.
He also suggested considering whether an expense is a need or a want.
Its really about making choices and looking and saying, What can you afford today?
Also, in making those decisions, what are the ramifications over the next three to five years?
Neuenschwander also advised evaluating insurance costs.
For example, if you have homeowners insurance, consider raising your deductible.
How To Increase Your Income
Earning more can help increase your savings.
Nowadays, he said, getting a good pay increase usually comes from switching jobs.
While frequent job-hopping isnt advisable, he recommended reassessing your market value every three to five years.
Where To Allocate Your Money
Neuenschwander stressed the importance of building an emergency fund first.
Whether youre retired or still working is another factor.
A retiree receiving Social Security will still have some income, whereas someone who loses a paycheck entirely wont.
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