The amount of money Americans end up saving or don’t save has been in the news. Primarily since the United States government’s assessment of leading economic indicators revealed that the personal savings rate in the United States neared zero in 2005 and plunged into historic lows.
However, the savings rate has been increasing recently. Even if the savings image appears to be brighter, substantial evidence suggests that we are unlikely to save enough for a rainy day or more difficult situations as a nation of shoppers. There’s also the issue of putting money aside for something vital, such as a down payment on a house, a college fund, or retirement.
The hardest part of trying to save money is often trying to start it. This article on how to save money can assist you in planning a direct and realistic strategy to achieve all short- and long-term savings objectives.
Most financial advisers advocate having three to six months’ worth of basic expenses in your savings account. You should certainly aim for at least six months if you have a family.