Data is in from the “America Saves Week” that was February 27th – March 4th this year, and the survey revealed important pieces of information about how Americans save. Only 38 percent of American households stated that their savings were in good or excellent standings. Even worse, 27 percent of Americans surveyed revealed no progress at all was being made for their savings.
To keep you in the 38 percent of people that have savings in an excellent standing, we have gathered some easy saving tips for you to put into practice:
Look at Savings Annually
Every year you have a wellness check up for you physical health. That minimal investment into your health can help your doctors tackle any health concerns earlier rather than later; take this same approach to your financial health. During this assessment of your finances, check that your savings priorities are matching what you are saving. If the priorities do not match how you contribute, make adjustments. Savings goals for someone at the age of 18 will not be the same as someone reaching retirement age. Be flexible and allow your goals to change yearly.
Determine a “What”
As the first step is to ensure that your savings goals align with your priorities, sometimes that also means making an adjustment to your priorities possibly. Are you saving for multiple reasons or just one? Common items for saving are for emergencies (that will happen, not an if they happen), for retirement, for a car, for education / schooling, for a down payment on a home, or for investment purposes? Do some research to determine how much will need to be saved for what you will need.
America Saves Pledge
Although the “America Saves Week” is over, a campaign was launched with this. Having a savings plan ensures (twice as likely!) that you will have a savings available when needed. More than 500,000 people have already committed to joining the campaign to save money. Having the backbone of a following of this proportion will help with accountability to your savings. NOTE: there are even text messages reminders you can opt to receive to help you stay committed to your savings goals!
Join the photo contest for 2017 with the #ImSavingFor added to social media on Facebook, Twitter, and / or Instagram. Take a selfie or video that shows what you are saving for and add the hashtag. Check americasaves.org for contest details and prizes. By making your savings a social event, you give yourself added accountability as well.
For more information, a saver checklist tool, assessing your savings plan, and many more, visit