9 Fascinating Facts About Saving Money

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Ever wanted to know more about how others are saving money? Here are nine surprising facts about saving that will hopefully inspire you to invest more in your financial security!

Most Americans Aren’t Saving at All

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Roughly 45% of Americans have no savings account. That’s a grim statistic, considering how important having at least an emergency fund is! Be a part of the 55%, even if it’s only a small amount each month.

And the Ones Who Aren’t Saving Very Much

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58% of Americans have less than $5,000 in savings. And while we’re all about saving, no matter how much or little you contribute to your account, an emergency could easily wipe out that amount.

Thirty-Somethings Are Doing Their Darndest

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The average 35-year-old in America has saved roughly $13,000. Not bad, all things considered, but most financial advisors would suggest you have way more than this saved by this age just for retirement, let alone for emergencies and general savings.

Things Are Looking Up

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Saving money is becoming more in vogue by the year. The average household in 2020 had the highest savings rate in nearly sixty years at 16.3% of income. While that number understandably fluctuates each year, it shows that people realize the value of saving for their future.

The 50/30/20 Rule Is Catching On

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The 50/30/20 rule is a popular way to save money. It suggests you spend 50% of your income on needs, 30% on wants, and the last 20% should go toward savings. There’s obviously some room for customization here. Still, it’s not a bad starting point if you’re new to saving, and it’s easy to remember.

Most People Aren’t Ready for Emergencies

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A shocking number of people don’t have the funds to cover an emergency. Over 30% of people said an emergency happened that they couldn’t afford within the past year. So remember to put some money aside in those emergency funds so you aren’t toppled by the unexpected.

Credit Card Debt Is a Thing

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If you have credit card debt, you’re in good company; roughly half the country has some amount of credit card debt they wrestle with. But just because it’s common doesn’t make it good. The more you focus on paying off debt, the easier it is to save!

Budgeting Is Trendy

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Over 75% of people have a budget that helps them achieve their financial goals. Even if you can’t save as much as you’d like, budgeting can help you become more financially independent so you can start building your savings account down the line.

Over Half the Country Lives Paycheck to Paycheck

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If we’re being honest here, there’s a reason why saving can be so hard for some. A large portion of Americans live paycheck-to-paycheck, meaning that they wouldn’t have the funds to cover their expenses if they lost their jobs tomorrow.

Even the top earners, who make more than $100,000 a year, are in the 25-30% range in a given month.

15 Items That Used to Be Cheap but That Are Now Shockingly Expensive

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It’s no secret that the cost of living continues to rise. While some items have remained affordable, others have seen significant price hikes that might shock you.

From everyday essentials to guilty pleasures, here are 15 items that have become shockingly expensive.

15 Items That Used to Be Cheap but That Are Now Shockingly Expensive

I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money

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I’m super frugal, and one of my passions is sharing my frugal living tips with everyone.

Here are some of my absolute favorite frugal tips to help you get started on your journey to frugal living.

I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money

15 Things That Are No Longer Worth It Because of How Expensive They Have Become

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Everything comes with a hefty price tag these days. From indulgences to essentials, the cost of living keeps rising. We used to consider certain items affordable options, but now they’ve become so expensive that they’re no longer worth it. Here are 15 things that have lost their affordability and make us wonder if they are worth it!

15 Things That Are No Longer Worth It Because of How Expensive They Have Become

28 Practical Ways Frugal People Save Lots of Money

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Saving money doesn’t have to mean saying goodbye to life’s little indulgences. With a few smart tweaks, you can stash away cash for that dream vacation, rainy day fund, or splurge-worthy purchase without feeling like you’re on a constant budget patrol.

Think of it as a side hustle that pays off without the extra hours. Whether you’re looking to conquer debt or simply boost your bank account, these tips are guaranteed to put more money in your pocket, painlessly.

28 Practical Ways Frugal People Save Lots of Money

14 Ridiculously Random Tips That Could Save You Lots Money

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Want to save some money? There are so many ways to save money that are published in articles all day, every day.

It can be tiring to sort through them and find the ones that work for you, so we decided to scour the internet and find some of the best ones to share with you. But we couldn’t decide which ones to share with you, so we just decided to share the ones we liked, which means that these are pretty random!

14 Ridiculously Random Tips That Could Save You Lots Money

 

 

Author: CJ Darnieder

Bio:

CJ is a writer and musician from Chicago.  When he’s not practicing the divine art of stoicism, focusing on achieving a deafening inner quiet, or attempting to reconcile with the inherent powers of the universe, he loves to cook!

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