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4 ways to make your own financial luck this St. Patrick’s Day.
New York Life | March 12, 2020
Updated March 6, 2024
St. Patrick’s Day may be on the horizon, but Americans aren’t leaving their finances to the “luck of the Irish.” Despite a volatile economic environment, marked by inflation, high interest rates, and risk of recession, Americans remain resilient and are putting in place strategies to manage debt and bolster their savings.1
New York Life is dedicated to helping people overcome financial challenges, and maintain financial wellness, both in good times and in bad. Read on to learn more about our top financial tips to create your own financial luck, even if you’re unlikely to find a pot of gold at the end of the rainbow.
1. Create a savings strategy
The latest installment of New York Life’s Wealth Watch survey tracks Americans’ feelings about their financial futures as they enter 2024. It found that many Americans are focused on building up their savings, with over 63% reporting that they met or exceeded their savings goals last year, which they credit to having a robust financial strategy in place.2 Make sure you’re prepared for the unexpected by having a savings pot in place to cover unforeseen emergencies.
2. Don't get distracted by debt
Despite the rising cost of living putting pressure on Americans, and inflation biting hard, over 75% of those surveyed reported that they are contributing the same amount, or more, of their money towards reducing their credit card debt, compared to 2022.
If possible, create a realistic repayment plan and aim to allocate more than the minimum payment each month, when possible, to clear your debt and free up money to boost your savings.3
3. Think about the future
Nearly 75% of Americans reported that they hoped to be able to retire at 64, but less than half have retirement savings and only a fifth have a retirement finance strategy in place.4
Here at New York Life, we are dedicated to helping our customers put the right financial measures in place to build a robust future, so you don’t have to rely on luck. Speak to a New York Life professional today and learn more about which financial products and policies might be best for you.
4. Consider life insurance
Life insurance is one of many ways you can plan, longer term, for your financial future. An annual life insurance premium is a small price to pay to ensure that your family is taken care of, with enough money to pay off any debts and cover bills and daily expenses, if you're no longer around to make those tough financial decisions.
Then go ahead and celebrate your peace of mind ─ perhaps with a green beer or, even better, a green kale smoothie. After all, who needs luck when you've got life insurance?
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Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com