Nearly half of Americans could not cover an unexpected $400 emergency expense, according to the Federal Reserve Board’s latest Report on the Economic Well-Being of U.S. Households.
So it’s no wonder that nearly 30 percent of Americans feel anxious about their finances, the mobile personal finance platform MoneyLion found in a new survey it conducted. If you’re among those feeling anxious about their finances, one of the best ways to reduce your anxiety and boost your chances of having a bright financial future is to track your income and expenses.
“The first step to really improve financial health is knowing what you’re making and how much you’re spending, which then leads to understanding whether you’re spending too much according to your income,” said Tony Ouyang, director of marketing at MoneyLion. “Once you’ve gotten this basic knowledge of your financial situation, that’s when you can start planning for tomorrow through saving and investing.”
In the survey, 24 percent of Americans said they do not keep track of their budget. Among those survey respondents, 47 percent said they’re not keeping track of their income and expenses because they don’t know where to start.
Fortunately, it’s easier to budget if you use online tools or apps, such as MoneyLion and the newly launched MoneyLion Plus. Complementing the free MoneyLion mobile app, MoneyLion Plus is a monthly membership that helps you affordably borrow, save, invest and build your credit. Members have access to a 5.99% APR loan, a fully guided personal investment account, and cash-back bonuses and rewards. Learn all the ways MoneyLion Plus can help you tackle unexpected expenses and save money.
While the Americans surveyed may need some help budgeting, they are also feeling optimistic about their financial future going into 2018. Sixty-seven percent of respondents said they expect to be better off financially this year compared to last year, and 63 percent said they expected to have more income.
Read the complete survey results and see if your financial expectations for 2018 align with most Americans’.