October is National Financial Planning Month and an ideal time to look over your finances before the holiday wish lists come rolling in. That said, here are a few personal financial statistics you might find interesting and helpful this October:
• Prices have risen on everything this year, from energy to food to shelter. By April, the average household was spending an additional $341 per month over the prior year.
• The average personal savings dropped 15% from $73,100 in 2021 to $62,086 in 2022. Analysts say several factors contribute to the drop in savings, including, once again, record-high inflation and people spending more as they resume some sense of normalcy in their lives.
• Looking towards the holidays, Americans spend on average $998 on “holiday essentials,” such as decorations, food, gifts, and shipping costs.
• Only 30% of Americans have a long-term financial plan that includes savings and investment goals.
If you’re feeling discouraged, don't be too hard on yourself. Remember, long-term financial health doesn’t happen overnight. It happens one small decision at a time.
If you would like another set of eyes on your finances this fall, give us a call at 716-445-7465, or email info@buffalofirstllc.com for a complimentary consultation to help ensure you finish out the year feeling confident about your finances and future.
