Expenses and fees, such as late payment fees are the killer of any savings strategy. On average the American Public now saves zero percent of the income they earn. Pulling out of this current economic meltdown will require additional savings – somewhere in the region of 20%! The first step in planning for long-term goals and an immediate savings action plan is actually determining how much you spend on short-term expenses. Once you know how much money is spent on the here-and-now, you can assess how much money can be put into investment and saving vehicles for the future.

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