Money Monday: How comfortable are you with your finances? - Fox 2 News Headlines

Money Monday: How comfortable are you with your finances?

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SOUTHFIELD, Mich. (WJBK) - Financial planner Matt Curfman from Richmond Brothers has seen many who are less confident in their finances these days.

A recent survey by Bankrate.com found 39 percent of people 50 - 64 years old are not really comfortable with their finances. Twenty-eight percent of people 18 - 29 years old were also found to be uncomfortable.

Curfman explains the savings and debt issues that's leaving some people uncomfortable with their finances.

VIDEO: Click on the video in the video player above to hear the advice from Curfman

Some things to consider:

1. Open a savings account at a different bank. Consider opening a savings account at a bank separate from your checking account, one you aren't always monitoring and accessing. It is easier to save more each month when you aren't reminded of what you're missing.

2. Increase contributions to your employer's retirement plan every year. A 1%/year increase over time will lead to consistent saving and      increasing contributions will accumulate into a nice nest egg. 

3. Sock away that raise. When you receive your annual review and are rewarded with a raise, continue living off your previous salary and set    aside the extra money to max our your 401(k) or save in a Roth IRA.

4. Diversify your savings approaches. If you are already maxing out your 401(k), look at alternatives outside of your employer's plan. If you are           eligible, based on income requirements, consider investing in a Roth IRA. These offer tax incentive benefits and more flexibility.





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