Our informal poll results are in:
More than a quarter (27 percent) of respondents goal is to pay down credit card debt. That’s a biggie…the average household owes more than $7,000 on their cards, and 15 percent of us roll over more than $2,500 in credit card debt per month.
Twenty percent said the goal was to save for a milestone like college, a new baby or retirement. Did you know the average college graduate owes $35,000 in debt in 2013? Or that you’ll spend about $10,000 on a baby in the first year alone? Or that you’ll need eight times the amount of your ending salary to retire? Things to think about…
Only 13 percent are saving for a “big ticket item” like a house, car or much needed vacation.
This is the big one…almost half of you (40 percent) want to build your emergency savings. You are in good company. Roughly 75 percent of Americans are living paycheck-to-paycheck, with little to no emergency savings, , according to a recent survey released by Bankrate.com.
Fifty percent of those surveyed have less than a three-month cushion and 27 percent had no savings at all. People…this is not good. All households should have at least three months of living expenses saved.