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Recession Hits Hard In Jersey Households

By: Jeffrey Buonforte
 
Jeffrey Buonforte
Everyone needs a financial plan. Nowhere is that more true than in New Jersey, according to an article that recently ran in the Star-Ledger which outlines how the “Great Recession” has affected the local community.

According to the Census Bureau’s 2009 American Community Survey, New Jerseyans make 36% more than our state counterparts, but our cost of living is 60% higher than anywhere else in the country. This lopsided income-to-costs ratio often makes it difficult to manage discretionary income.

However, there is hope. The average NJ household income dropped just 2.3% between 2008 and 2009 – as compared to double-digit drops in other states. . The thing we really need to do most is create a realistic budget that manages spending…and then stick to it.

Sticking to a budget is often difficult, but certainly not impossible – and is much easier to do when it is created as part of a larger financial plan.

A financial plan is your roadmap that helps you live within your means and plan for the future. It is goals-based, and is designed for the journey up to and past retirement.

As the current recession appears to be ending, now is the perfect time to examine what your goals are for the future and take steps to manage your money through a solid financial plan. With a balanced plan, you’ll be ready to handle any future bumps in the road.



* Securities are offered through Essex National Securities, Inc., member FINRA & SIPC. Insurance products are offered through Essex National Insurance Agency, Inc. Neither is affiliated with Lakeland Bank.

Products are not guaranteed by the bank, not FDIC insured, not a deposit, not insured by any federal government agency, and we may lose value including loss of principal.

 


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