Why Americans Don't Save Like They Should

We all know that it’s important to save money. This is something that we are taught from a very young age, but, unfortunately, it is also not something that a lot of people practice as they should. Americans, in particular, are bad about saving and very good at coming up with excuses not to save. Some of the reasons they commonly give for not saving are:

·         Not knowing where or how to save

·         Not making enough money to save

·         Not being able to save now but planning to in “the future,” which often never comes  

If you have used one of the above excuses or have another one that you use, it’s time to stop. Almost everybody is capable of saving something each month.  If you’re ready to stop making excuses for yourself and to start doing some serious saving, follow these tips to help you get there.

Pay Down Debt

First things first, get rid of some of the barriers, such as debt, that are keeping you from saving. Start paying down your debt, such as credit card debt and student loan debt, a little at a time. If possible, work with a financial adviser to come up with a good, workable plan to get these debts taken care of. The sooner you can reduce the amount of debt hanging over your head, the sooner you can stop putting all your money toward debt and start putting it toward savings.

Have Safe Investments

Another easy way to save is to have some guaranteed safe investments on your side. This could be a cash savings account or a CD, for example. In any case, it will give you a surefire way to get money when you need it, such as when times get tight or you need to make an unexpected purchase.

Open a Brokerage Account

You might also want to consider opening a brokerage account. These accounts are great because they don’t have maximum amount restrictions or investment restrictions. Instead, you can make any types of investments that you want, which, ideally you should do with the help and advice of a financial professional.

If you can follow these tips and start saving, it will really pay off for you in the long-run. So, what are you waiting for? Stop the excuses and start the savings today!