photo credit: Dawn Ashley

Anxiety over the current poor economic situation is felt by different people in different ways, but the one thing in common is that nearly all Americans are feeling some kind of stress, judging by a recent survey. The results included some of the following statistics, none of which are especially positive:

• Many homeowners are feeling concerned about the effect of the current economic situation on their homes and loans. 25% are worried that the bank might foreclose on them and 45% are worried that a rise in property tax rates could mean they are unable to afford to stay in their home.
• Many people are worried about an inability to save money at the moment. 58% of people surveyed had nothing saved for retirement and can’t afford to save anything at the moment.
• Credit card problems are rife. 63% of people consider they have too much credit card debt.
• Inflation has many people scared. Almost 75% of people think that their salaries aren’t keeping up with general living costs and half of the people surveyed thought they won’t be able to keep up with their medical care costs.
• Many people are worried about the security of their employment: 38% of people are concerned that they could be laid off from their jobs.

photo credit: jessiphotoworld

Over at the No Credit Needed blog, a recent post looked at the writer’s financial priorities for the future. It makes for an interest list and something that a lot of people in debt are probably striving to achieve - and we know that making a list of your goals always helps you to achieve them faster and better. So let’s take a look at the key financial priorities on this list:

• Live within a budget - always have a written budget so you know where you plan to put your money
• Have insurance - always have sufficient coverage of the necessary kinds of insurance (for example, health, dental, life or disability)
• Have an emergency fund - for at least six months’ worth of living expenses
• Fully-fund retirement accounts - that makes the annual tax bill lower and increases the wealth for the retirement days
• Fund self-education accounts - the No Credit Needed blogger has three young children, and has the goal of saving enough for their college tuition
• Live without borrowing money - but with one big advantage - this guy has a house funded by his employer
• Continue to live without credit cards - he uses a debit card instead for situations where a credit card is usually very convenient.

It might be interesting to reconsider your list of financial priorities, too.

credit: Gustty

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