As a nation, we clearly are better at spending our money than we are at saving it. That goes for our federal government, which has made a habit of running large budgetary deficits, and it goes for individuals and households, too. Indeed, according to a recent survey by GOBankingRates, 58% of adult Americans have less than $1,000 saved.
While we’re limited in our ability to influence how Uncle Sam manages its money, there’s plenty that individuals and households can do to improve their own savings habits, and by doing so, to put themselves in a much better position to fulfill personal goals like buying a home, funding a college education or building a nest egg for retirement, while also protecting themselves from an unexpected financial hit due to job loss, a medical crisis, etc.
Becoming a better saver is not just about the amount you save, but how, when and where you save it. Here the personal finance experts at the Financial Planning Association offer a series of straightforward steps to find a savings approach that works for you, without denting your lifestyle.