TERRE HAUTE, Ind. (WTHI) – Michelle and her son Dean drove to Terre Haute, Indiana just to visit Deming Park, one of Dean’s favorites.
“We have also all kinds of favorite parks. Knightsville, Forrest and Harmony,” Dean said.
As a mother, Michelle enjoys being able to make her son happy. That’s one reason she makes sure to have a successful plan for their finances. She says they have two separate accounts, keeping payments organized.
“I think it’s a good idea because, like I said, that way you’re not surprised by how many hundreds of dollars you owe when you get that statement,” Michelle said.
She’s one of the many Americans that have a plan. But according to a new survey, more than half of Americans have less than $1,000 to their name.
Financial advisor Ben Dye doesn’t find that surprising.
“I think just not knowing and they don’t know where to start and because of that they just don’t do that,” Ben Dye, Portfolio Manager at First Financial Bank, said.
Trust Officer Andrew Decker says having a budget is the best way to get started.
“A lot of us find that were just struggling to make ends meet on a month to month basis and I think a lot of people are doing that and when they do it they’re not taking the time to really look at that their expenses are and save for tomorrow,” Decker said.
Even a small amount a pay check can add up.
“Save early. Save often. You know the old adage about that. You can never start too early,” Dye said.
If you’re lucky enough like Dean, you already have that head start.
“He’s got a savings, a Busy Bee savings account at Terre Haute Savings Bank. He likes saving too,” Michelle said.
The survey also reports almost a quarter of Americans have less than $100 to their name.