37% of Americans Say They’re Too Broke to Save

Is reduced cash flow preventing you from building your nest egg?

Do you feel like you don’t have enough money to save? Plenty of consumers feel the same way. A recent survey by personal finance website GOBankingRates took a look at Americans’ savings habits in its recent Savings Survey. Specifically, the survey analyzed what Americans are saving their hard-earned dollars for.

The GOBankingRates survey investigated the biggest savings goals consumers hoped to reach. Their confidence in whether or not they could meet these goals was gauged, in addition to what they thought were their biggest obstacles to saving money.

Key findings:

  • Men flex their savings muscle when it comes to purchasing a car. Men are 50% more likely than women to put money away for a vehicle.
  • Many young consumers are only thinking about the here and now. Millennials are least likely to be building an emergency savings fund.
  • Consumers are feeling the pinch. Lack of income was cited as the biggest obstacle to saving money.

Are you having trouble saving money? Here are three helpful tips:

Give up a bad habit. Whether it’s smoking, purchasing expensive coffee, or overindulging in snack foods, add up how much you’re spending on these items each month. Once you have a better idea, either cut back on these vices or go cold turkey and cut it out altogether. Your heart, waistline, and wallet will thank you.

Look inside your medicine cabinet. If you take prescription drugs, consider switching to generic medications.

Rethink your gym membership. Most gyms debit their monthly fee directly from your bank account each month. If you rarely visit the gym, you’re giving money away and you probably don’t notice because you don’t have to write a check or fork over cash. If you don’t go regularly, shut that membership down and take a walk around your neighborhood or work out at home.

Skip the movies. With movie tickets as high as $14 per person, and an additional charge for 3-D, consider watching movies at home.

3 Responses to 37% of Americans Say They’re Too Broke to Save

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