The American Institute of CPAs published its first consumer book written to help Americans spend wiser while saving more. Save Wisely, Spend Happily compiles advice and guidance from approximately 125 CPAs from around the country.
The publication of the book follows Congress’ fiscal cliff deal, which didn’t renew the 2 percent payroll tax holiday that has been effective for the past two years. For many Americans, this means they will pay more in federal taxes for 2013.
“We’ve moved from a fiscal cliff to a financial reset,” said Sharon Lechter, CPA, author and editor of Save Wisely, Spend Happily. “We all need to assess our financial situations and determine what changes we need to make in saving and spending to adjust to the new realities created by this legislation.”
This book will come in handy for most Americans, as only 39 percent of U.S. adults have a budget, according to a poll conducted by Harris Interactive for the AICPA. The poll found that only 36 percent of adults planned to set personal financial goals for the New Year. Research has shown that in the past five years, 43 percent of those who made financial resolutions do not keep them.
Lechter collected advice from CPAs on topics such as saving, spending, budgeting and financial planning for Save Wisely, Spend Happily. The AICPA published the book as a resource for Americans to help them manger their finances better following the fiscal cliff deal.
“This book has tips that can benefit anyone,” said Lechter. “CPAs have seen it all - mistakes, missteps, misfortune and recovery - and have the knowledge to help Americans build and repair their financial foundations. We have combined more than 1,000 years of their expertise into a money manual with a simple message: You don’t have to be a miser to thrive. You just have to make mindful choices about your money.”
Save Wisely, Spend Happily is available in paperback and Kindle format through Amazon.com. All proceeds will support financial education.