Americans Optimistic About Personal Finances in 2018

: Reese Baker & Associates

  Filed under: News

In a recent survey, 67% of Americans are hopeful about their personal finances and expect them to improve in the New Year. Only about 10% of the respondents felt that their finances will get worse. A third of respondents claimed that paying down debt is a top priority and will focus on eliminating the debt over investing or other uses.

Top Money Concerns for 2018

In discussing what the major money concern was for Americans in 2018, the majority cited unexpected expenses to be the top of mind concern. Unexpected expenses can be a windfall for individuals without access to an emergency fund or emergency line of credit. Consider putting extra money aside every month if this is the case in order to pay for an emergency automobile repair or home repair. Making ends meet and healthcare coasts where the number two and three concerns respectively.

Financial Hopes and Fears

When asked what portion of personal finances individuals in the U.S. felt most optimistic about, paying off debt and controlling spending where among the top hopes of Americans for 2018. Around 18% of those interviewed felt that their prospects for getting a raise in 2018 were also high.

Much to be Optimistic About

There are quite a few things to get excited about as 2018 begins, including the new GOP tax cuts recently passed, that should put extra money into the pockets of hard-working Americans. Additionally, the economy seems to be doing well, with jobs numbers continuously increasing month over month. As the Gross Domestic Product, home values, real wages, and consumer confidence growing, it’s easy to be optimistic. Because of the positive change, it’s a great year to pay down debt, get your finances in order, and place yourself in a more positive financial position.

Consider Credit Counseling

If you have struggled with debt and can’t seem to get ahead, you should consider credit counseling with an agency approved by the Department of Justice, which will give you access to a qualified credit counseling who can help you establish a firm plan to pay back your debt and stay debt free. Houston bankruptcy is also an option that will help you discharge an unsecured debt, pay back your creditors, and receive a new financial start in 2018.