America Saves Blog
Tips, advice, and the latest news from the savings world.
Did you know the easiest and most effective way to save is automatically? It's how millions save through 401(k)s and other retirement programs at work. It is also how millions more save at their bank or credit union. That's why this September we are challenging you to make your savings or debt payments automatic.
If you’re concerned about your retirement savings, you’re far from alone. According to a recent survey from Wells Fargo, a majority of young adults don’t believe they will ever be able to accumulate the common retirement target of $1 million.
The first step to spending less and saving more is to know exactly where all of your money goes each month. But there are many ways to create a budget and stick to it. So how do you know what system is the best? I’ve always felt that it’s whatever one you stick to the longest, whether it’s high-tech, low-tech, linked to your credit card, or something you input manually.
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.