Tools like the 50-30-20 budget

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A shrinking balance can be a red flag that it’s time to take a closer look at your expenses and spending habits, and plan your savings and spending more proactively. According to Empower research, one in three Americans say they overindulge in everyday luxuries. Focusing on value-based purchases is one way to help you strike the right balance between: Enjoy life today and save for the long term Manage essential and discretionary spending Creating a realistic budget and sticking to it is a simple and effective way to manage your money.


Tools like the 50-30-20 budget rule can help you stay argentina phone number list to your plan. Some people turn to side hustles or second jobs to supplement their income, including 52% of employees surveyed by Empower. Is your retirement plan on track? Purposeful retirement planning is an integral part of long-term financial health. How do you know if you're saving enough? There's no magic number for how much money you need to retire -- it will likely depend on a variety of personal factors, from when you want to stop working and how long you need your savings to last, to your income expectations and desired lifestyle during retirement.


Setting some specific savings goals, including setting aside 10-15% of your pre-tax income and establishing age-based savings goals, will allow you to measure your progress. If you want to have other sources of income to supplement your savings, such as a pension, Social Security, or part-time wages, consider some strategies to help maximize your retirement income. Even if you fall behind, remember that it's never too late to increase your retirement savings.