May 23, 2008

What color is your savings account?

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Not saving enough of each paycheck? You're not alone. According to a Pew Research Center study released in May, 75 percent of middle class Americans aren't.

What's more, our affluent neighbors aren't much better at socking away the dollars. According to Pew, "Nearly seven-in-ten adults who identify themselves as upper or upper-middle class say they aren't saving enough."

So what does this have to do with work, and for that matter, work/life balance? If you're hoping to find and transition into the career of your dreams someday, a lot.

Even a small rainy day savings account can mean the difference between taking that class you've been wanting to take to acquire some new professional skills, and not. It also can mean the difference between having enough of a financial cushion to afford moving to a career that makes your heart soar (but pays a bit less to start), and not. 

Where do you begin if you're a bit challenged in the savings department? Some suggestions:

If you haven't already, don't blow your economic stimulus payment on a flat screen TV or new pair of shoes (or three). Pay down some debt, tuck the money away in a savings account, or spend it on your professional development.

Get educated about what to do with your money. Blogs like IWillTeachYouToBeRich and MoneyWiseWomen are a great place to start (not to mention free).

Schedule a one-time meeting with a fee-based financial planner (as opposed to one who works on commission) to learn if you could be saving more by trimming some of the fat from your budget. Or use an online budget calculator to do the math yourself.

Any other suggestions from the peanut gallery?

Michelle Goodman is the author of "My So-Called Freelance Life" and "The Anti 9-to-5 Guide." E-mail Michelle at mgoodman@nwjobs.com

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