Millions of Americans say they're too broke to save money. Either they're living paycheck to paycheck or their debt is so overwhelming that saving seems pointless. Consumer debt in the States is almost $12 trillion and increasing around 3.3% every year. So are we actually too stretched to stash away any savings? Average credit card debt: $15,611. Average mortgage debt: $155,192. Average student loan debt: $32,264. With the median American household earning just under $52k a year, the numbers don't look great. Almost 37% of adults surveyed said they don't have sufficient income to save. While almost 11% said unemployment was the biggest limiting factor. Saving is a challenge, especially when it's not a priority. But by going back to basics everyone can put aside at least 1% of income per month. Make it habit to: budget carefully, spend intentionally and take advantage of financial tools. Decide what your savings account will be used for to give yourself some motivation. The latest studies show that more men want to save for a new car while women want to save for a financial emergency and millennial trends swing towards saving for a new home. So whatever your reasons, taking control of your spending can help you reach your long term goals in a painless and structured way.
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