Have you been stressing about your financial situation as of late? If you have, you are certainly not alone. Finances have been at the forefront of everyone’s mind the last few years, and especially so in the last couple of months.
The pandemic, rising inflation, soaring gas prices, and other issues have all led to a tough situation around the world. This is especially true with regard to income and savings.
Many individuals feel a general sense of anxiety and they are very worried that if they don’t hold onto every penny they receive from their paychecks, they may end up in a very difficult situation later on.
Luckily, companies like Ubiquity have created free, online tools that can help these individuals easily visualize how simple it is to divert money into retirement accounts during each pay period. Plus, this money will go a long way toward providing a secure financial future.
The Current State of Finances
The last few years have been very difficult for many families. To start, many people have lost loved ones to the pandemic. This loss of life is nothing short of tragic, and these families will never be the same again.
Additionally, many people have lost their jobs or have suffered from reduced income due to pandemic-related issues, inflation, and various other newsworthy problems.
Because of widespread uncertainty and all of the aforementioned issues, many people, especially younger workers, aren’t certain that they can afford to divert much money toward their retirement funds.
However, Ubiquity makes it easy to see how even a very small percentage increase in the amount you divert can lead to outstanding savings in the future.
A Little Savings Goes a Long Way
If you play around the paycheck calculator tool on Ubiquity’s website, you can see firsthand how very small changes can lead to humungous savings long-term. For example, as Ubiquity points out on their website, with a gross weekly pay of 1,000 dollars, you could increase your contribution from 1 percent to 5 percent.
In doing so, you could decrease your paycheck amount by roughly 30 dollars and, at the same time, increase your savings by nearly 450,000 dollars.
As you can see, even just very small changes can create huge improvements in your long-term financial situation. This is critical as you get closer to retirement, but is worth thinking about throughout your career. In fact, as soon as you start working, it’s a good idea to start paying attention to your finances.
If you’re just beginning your career, or if you’ve only been in the field a few years, it’s hard to imagine retirement. The constant stress of working day in and day out can make it difficult to even think about making enough money to retire comfortably. But with the use of tools such as Ubiquity’s free paycheck calculator, you can easily visualize how even small contributions to your plan over time will add up significantly in the long run.