You've probably heard more than one lecture about building margin into your day, usually when it comes to your time.
In my twenties, I was perpetually late to meetings and appointments and always rushing in between. When I'd racked up enough speeding tickets to warrant a $3,000 surcharge, I woke up. I resolved to build in more time, or margin, to comfortably transition from one event to another. Life became less chaotic, and those police lights no longer flashed in my rearview mirror. At least, not for me.
The same concept applies to finances.
According to a CNBC April 27, 2023 article:
- The U.S. personal savings rate was hovering around 4.6% in February, which was below a decades-long average of roughly 8.9%.
- Economists note that this dip in the savings rate is occurring as inflation continues and wage growth slows.
It's time to wake up and explore ways to spend less and save more.
We need financial margin.
Here's a brief paper with very practical suggestions to encourage financial margin. We hope you enjoy it enough to to pass it along to friends and family members.
The Great Spending Balance
As always, we are always happy to answer questions and concerns. Reach out anytime.