National Financial Planning Month

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.