With more than 30 years in the financial services business, I'm often asked basic questions about managing everyday finances. If the results of a recent Harris Poll conducted for Primerica Financial Services are any indication, more people should get expert advice. Do any of these five commonly asked questions apply to your financial future?

Q. It's hard enough to pay my monthly bills, how can I expect to save anything?

A. Here's a simple solution that really works -- before you pay all of your bills -- "pay yourself first!" Every month, save a set amount right off the top of your paycheck -- it doesn't have to be a fortune, the important thing is to get started today. If you are saving for retirement, take advantage of tax-qualified plans, such as 401(k)s and Individual Retirement Accounts (IRAs). Your contributions to such retirement plans are generally tax-deductible and offer tax-deferred growth -- a powerful combination.

Q. What type of investments do you recommend?

A. It really depends upon your goals, your risk tolerance and your time horizon. But many experts agree that mutual funds are a great investment vehicle for the average person with long-term goals. Unfortunately, the Harris Poll, which surveyed Americans with incomes ranging from $25,000 to $75,000, indicated many people play it too safe-traditional savings accounts (92 percent) are still the most common means of saving, despite the fact that they generally barely keep pace with inflation.

Q. Do I have enough life insurance?

A. Surveyed Americans estimate they need about $185,000, while the average amount they actually have is $98,000. Experts say people should generally have coverage that's five times their annual income.

This means that those surveyed should have from $125,000 to $375,000 of coverage -- a range that far exceeds their actual coverage. Term life insurance generally is the most affordable way to increase your coverage.

Q. How much credit card debt is tolerable?

A. Generally that which you can pay off within the month. Credit card interest can be exorbitant and only 39 percent of those surveyed were familiar with how rapidly compound interest could increase their outstanding debt.

Q. What can I do to reduce debt, free up assets for savings and get more insurance coverage?

A. You don't need to be wealthy to control your finances. In fact, those with fewer resources actually have a greater need to manage them properly. There are ways to reduce debt, free up assets and increase insurance coverage, while saving money.

Free Brochure

To order a free copy of The Solution: How You Can Take Control of Your Financial Life, write to: Primerica Financial Services, 3120 Breckinridge Blvd., Duluth, GA 30199-0001, ATT Corporate Relations; or call (770) 564-6329. (NAPSI)

Mr. Plumeri is Chairman and CEO of Primerica Financial Services, a subsidiary of Travelers Group.