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Americans Struggling To Save Money

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According to a new study from the Wall Street Journal, one-third of Americans are living paycheck-to-paycheck with no savings.

I spoke with Wayne Wakefield, author of a new book 40 Unbreakable Laws Of Money.

In the book, Wakefield talks about ways to handle your money and a huge part of that is making sure you always have some sort of savings.

"Put away 10%. Use 10% for entertainment, that sort of thing. The problem is entertainment is more like 40% of the budget, people don't realize that. Between the pizzas, videos, going out and all that is where I find most people failing."

Wakefield said the average American saves only about 1.5% of their income. That's due to more than just poor spending habits, though. It has a lot to do with people not getting raises the past few years, due, of course, to the economy.

Wakefield said there are ways to make sure you are making good decisions.

He said never make a big financial decision when you are emotional because you will always make the wrong one.

Credit cards are a huge temptation and growing problem. Wakefield said if you know how to use them, they can actually help financially. "Instead of buying televisions and at's, and pictures and going to Calmar and all those different places, you use those for credit lines for creating the investment which pays you back the money to pay off the credit card and you pay that credit card every single month and your credit score goes up."

Wakefield will show you how to do that at a free, financial class at the Peppermill, Tuesday, March 25th. The conference is from 12:30 until 5pm. For a link to register, head to www.40laws.com

To watch the entire interview, tune in for this weekend's Face the State. The show airs Saturday at 7:30pm and Sunday at 5:30am and 4pm.

Written by Chris Ciarlo

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