If youâ€™ve ever wondered how others compare to you when it comes to saving, wonder no more. Just in time for America Saves Week (Feb. 25 to March 2) is the annual savings survey by America Saves and the American Savings Education Council. The 6th annual survey finds that only half of Americans report having healthy saving habits. Here are some other findings from the report:
- 43% of Americans have a savings plan that allows them to save enough money to achieve their goals.
- 49% know their net worth.
- 50% save through a retirement plan at work.
Steps for Starting a Savings Plan
If you have a solid plan for saving, youâ€™ll be more likely to spend less than your income and save more, according to America Saves. If youâ€™re looking for a guideline to help you get started, America Saves has a great outline on its website for how you can use this week to drive your plan.
Monday: Begin saving for emergencies.
Tuesday: Put a plan in place to pay down high-interest debt.
Wednesday: Set savings on auto pilot through direct deposit or an automatic transfer from your checking to savings account. Only about 41% of Americans do this, according to America Saves.
Thursday: Evaluate your retirement savings. If you donâ€™t contribute to a plan, start saving now.
Friday: Begin saving for a large purchase. Donâ€™t rely on credit cards to bridge the gap. Even though you intend to put the money back on your credit card, itâ€™s very easy to forget.
Saturday: Make a pledge to engage in long-term savings.
Now that you have a guideline, start saving! Also check out @SheiresaNgo for savings tips throughout America Saves Week.