This is an important question that needs addressed frequently throughout the year. Even if you’re not saving, or think it’s impossible to save, you need to have financial check-ins to evaluate where your money is going and what can be done to improve your situation.
GoBankingRates recently had a survey to ask people how much money they had saved. Unfortunately, 62% of respondents had less than $1,000 in savings. Of that group, 28% reported having zero dollars saved, and 21% did not even have a savings account.
As far as trends go, Baby Boomers and Seniors are the two groups with the most money saved. What’s surprising is the group that has the least money saved: Generation X (ages 35 to 54).
Men and women are fairly equal when it comes to saving, although men are slightly ahead. Income also plays a factor, with higher earners saving more money.
What to Do to Push Savings Over $1,000
If you’re like the majority, you don’t have a lot saved. But you can fix that.
The most important thing to do is create and monitor your budget. You want to know exactly what’s coming in and what’s going out. You can then find where there’s room to save. It might be cutting back on a luxury, or calling some service providers for better deals.
We offer a lot of savings tips on our blog! Check out these articles: