In this GOBankingRates article that covers the average American savings account, Humphreys Group President, Diane Bourdo, CFP®, gives tips on saving for those in various financial situations.
Diane says that factors including income, expenses, and debt level can affect how someone saves money in their savings accounts. The article offers the general rule of thumb to put away three to six months’ worth of expenses into an emergency fund. Bourdo recommends looking closely at your finances to create a plan that best meets your needs.
Bourdo lists strengths that contribute to one’s ability to take charge of their financial circumstances, including:
- Living within your means
- Building savings for an emergency
- Knowing your credit score
- Diversifying your income and investments
- Attaining job security
- Getting insurance
- Having conversations and exchanging wisdom about money with others
She advises prioritizing these financial resilience categories and taking steps to target the ones most important to you.
The Humphreys Group is a women-owned and women-operated wealth management firm based in San Francisco, California. The firm offers highly focused financial planning and disciplined asset management to a range of clients. Their expertise is helping women in transition navigate their particular challenges — such transitions as marriage, divorce, widowhood, inheritance, or that first stock option grant. Their passion is helping their clients take control of their own financial lives and get smart about money.