1. A key indicator of financial success is the percentage of income saved each month. Various savings instruments can be used to implement this element of your financial plan. While most people save nothing or very little, financial experts recommend a savings rate of 5 to 10 percent. These funds might be used for emergencies, short-term financial goals, or long-term financial security.

YOUR SITUATION: Do you set aside an amount for savings each month?

How can you reduce expenses or increase income for expanded savings? An improving savings rate is the foundation for progress toward financial independence.