Tips and Advice

Americans Are Not Saving Enough Money

A new survey finds that Americans are saving much less than previously thought.
man with empty wallet
By Susan Barnes
Updated on: November 10th, 2022

man with empty wallet Saving money can be very difficult, especially for anyone who is feels they are simply not making enough money. It might not come as a surprise to many, but many Americans are in the same boat.

A recent poll of 1,100 Americans found that 41 percent have less than $500 saved. In addition to how little they were saving 54 percent also said they don’t even have a savings plan in place and 45 percent think they will never be able to save money.

In March it was estimated that a third of workers have less than $1,000 in savings and many are living paycheck to paycheck. The same survey from March 2012 found that about 24 percent of those surveyed have enough to cover 6 months’ worth of earned wages. The majority of those who had saved that amount were over the age of 65, however 15 percent of participants who were also in the same age group reported that they have zero savings.

It’s recommended that consumers keep about three months’ worth of expenses saved for emergencies. Saving less than $500 will not pay for much so let’s take a look at a few ways to cut your expenses so that you can save a little more.

  • Switch to free banking; you shouldn’t have to pay for your checking account.
  • Request a reduced interest rate from your credit card company.
  • Clean your home and have a garage sale.
  • Look over your expenses and try to find simple ways to cut costs like brewing your own coffee at home, eating out at restaurants once a week rather than a few times a week, or using coupons to save on your grocery bills.
  • Carpool to save on gas.

There are hundreds of ways to cut your expenses, our money saving tips can help you find ways to cut down on everyday costs.

The Takeaway

Saving for your future is very important whether you’re saving for retirement or for emergencies, you need to have some sort of savings plan put together. AmOne can help you save by helping you take charge of your debt. Get contacted with credit repair services that could help you bring down your interest rates. Credit counseling could also help you manage your money better. Contact AmOne today to learn more about what financial options might be available for you.