America Saves Blog
Tips, advice, and the latest news from the savings world.
Are you in too much debt? Think hard before you answer that question. We vastly underestimate or underreport our debt, according to Nerdwallet’s study of household credit card debt. In fact, our average debt is a shocking 155 percent more than the balances we report.
Most young adults don’t buy into the idea that they will be able to save $1 million by the time they retire, according to a recent Wells Fargo study on millennials. And just six in ten of that same group have even started tackling saving for retirement.
New research from FINRA Investor Education Foundation’s Financial Capability in the United States 2016 report showed that Americans’ satisfaction with their personal finances has nearly doubled from 16% in 2009 to 31% in 2015. Unfortunately, the percent who are spending less than their income, and therefore have money to save, has not seen the same improvement.
Saving for retirement now will ensure you have a comfortable standard of living when you stop or reduce the amount of hours you work. While retirement may seem a long way off, the earlier you start to save, the better, ideally in your first job.
Does paying down debt sometimes feel like running on a treadmill to you? Every month, you pay off a little of one loan, and a little of another card, but it ultimately seems like you’re going nowhere. If so, BetterMoneyHabits.com can help you come up with a realistic debt repayment strategy.