When it comes to money and the management of it, a lot of Americans are pretty poorly equipped to handle their finances. Think of all the people you know who get a few bucks in their pocket, maybe their paycheck, for example, and rush out to spend it as swiftly as possible with not a single thought given to maybe saving a fourth of it. That’s the average American, really.
We live in a society where the idea of having to wait for something is just unthinkable. I can go out, right now, and buy, on a payment plan, a car, a television, a bed, a couch, and basically all the furniture that I kind of want, but don’t really need. I can get this stuff by paying a decent sized chunk to get the item initially, and then spending the next one to three years paying it off with monthly minimum payments. This makes no sense.
To begin with, making those monthly minimum payments means that, in the long run, I’m going to be paying them more than I normally would. If you buy something outright, you save between ten and twenty percent, on average, over purchasing with a payment plan. This is one of the reasons why no one has any savings; we’re spending all our money on things that we should have waited to purchase; careful saving has been replaced with the idea of getting it now. Fortunately, there are people who can help you with your money woes; accounting firms are available to help you to better save and budget your money. Here’s just three ways that they can help make your life better.
1. Saving money
Less than half of the people currently living in the United States have ten thousand dollars or more in their savings accounts, and this is including money in the various retirement accounts that people commonly have. This means that less than half of Americans have any real money saved up, either for a rainy day, or for a retirement fund. Obviously, this isn’t a good place to be, fiscally speaking.
So, what can you do to fix this? Well, you need to start saving something, anything, for what happens after you can no longer work, and to have some money put away for if something terrible should happen. Thankfully, accounting advisors can do something to help you.
They’ll be able to help you to set up goals for your savings. Maybe your goal is that, by the end of the year, you should have saved up enough money to buy a high-end guitar (I highly recommend the Gretsch Falcon series, by the by) , or maybe your goal is to just have a certain amount of money in your account at the end of the year. Your local CPA accounting firm will be able to help you figure out where to trim some fat so you can reach this goal.
2. Tax filing help
Filing taxes is, in general, an immense hassle for anyone and everyone in this country. It’s something that is hard for anyone to understand who hasn’t studied it for years, and this shouldn’t be a surprise; there’s over seventy thousand pages of tax code that you have to figure out, and although not all of it will apply to you, as an individual, it’s still immensely complex and tough reading.
A CPA firm that offers tax services can make the whole process a lot simpler for you, though, and they do so for a nominal fee. Why would you struggle through your taxes when, for a few dollars, you can make it someone else’s problem?
3. Debt restructuring
I went to college, and, luckily, emerged debt-free. I’m pretty much the only person I know who managed to do so, however; the rest of them, they’re in debt to the tune of tens of thousands of dollars.
Long story short, that debt is hard to pay down, but you have to pay it down, and the only way to get the rate at which you’re paying it down is to argue that you need to pay a lower rate. At the end of the day, the people you owe money to would rather that you hand them some money than nothing, and with a skilled negotiator on your side, they’ll be able to understand that they can’t always get exactly what they want, right when they want it.
So, hire an accounting firm today if you need help with managing your money. You’ll be glad you did.