Home The Ultimate RelationshipFinancial Freedom Cultivate the Habit of Saving Your Money

Cultivate the Habit of Saving Your Money

Four Steps to Make it Happen

written by Utpal Dholakia October 4, 2018
Cultivate the Habit of Saving Your Money

Even though unemployment is down and wage growth is up, statistical measures tracking the saving behavior of Americans show that people’s ability to save money hasn’t improved much. A 2018 survey conducted by Bankrate found that 19% of Americans report not saving anything whatsoever, and another 21% save less than 5% of their income.

These numbers are alarming because if you want to retire comfortably, financial planners advise saving at least 15% of your income consistently for several decades (depending on how long you expect to live). In the Bankrate survey, only 16% of participants reported saving more than 15%.

The news is discouraging but not surprising. The results are just the latest in a decade-long trend of insufficient saving by Americans. As I have written before, saving money is difficult, while spending in an undisciplined way is gratifying. Many people set lofty goals to save money, say for a wedding or a down-payment on a house, fail to reach them, then feel dispirited and give up. Saving money regularly by making it part of your lifestyle is far more effective.

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