The Need To Save More: A Spending Plan

BOSTON (CBS) - Please take the time to vote today. Democracy is not a spectator sport!

Our government can print up money but you and I cannot! So we need to find ways to save more.

Almost every goal we set or decision we make as an adult has a financial component. You want the American dream; a house with an internet connection, kids, college for the kids, and a secure retirement. That all costs money!

Saving money is important. And in order to save money you will need to spend your time. If you could save $100 a month on groceries and spend 2 hours doing it that is the equivalent of getting paid $50 an hour.

To buy that first house you need a down payment. To get that down payment you have to save.

Having kids makes you start thinking about the cost of college. You know that a college degree for most kids means a better job. How much do you need to save to educate your kids?

One of your goals is a secure retirement. You need to save money to have a secure retirement.

The average monthly Social Security check for this year (2016) is about $1,300! Can you live on that? Possibly if you are living in a trailer in Mississippi. Definitely not here in New England.

In order to achieve your dreams, you are going to have to save more money and learn to invest. And there are ways to save on everything we do and purchase. So my plan is a Spending Plan.

I am not asking you to give up the things you think are important, just figure out a way to pay less for them. You can spend your money but spend it more wisely and if you are able to save on everything you purchase you could have those extra dollars needed to achieve your goals.

Saving 10% of your net pay would be a good beginning. Saving 10-40% on everything you need to purchase is a way to achieve that.

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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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