Are Americans saving for the future?
The numbers might surprise you: 57 million Americans have no emergency savings.
That means a single unexpected expense (car repair, medical issue, even an a surprise bill) could veer them off course financially. For many, it has been nearly impossible to save when life's unexpected expenses keep getting in the way.
But our latest solution was designed to fix that. It empowers people to borrow and save at the same time by giving them ongoing access to a low-rate loan plus automated savings invested for them to grow faster. Want to learn more?
How much should you save?
How much you should save depends on your lifestyle, where you live, what you actually need, and how much debt you have. But most of us know we need to do better. If you want to save more, how can you get on the right track today?
Here's an idea: Start by turning off your television (or Hulu or Netflix or YouTube).
You’re thinking: No way, I love my shows. (We understand.) But bear with us here.
If you’re an average American, you spend 34 hours a week watching TV. That’s nearly a second full-time JOB.
What are you doing wasting all that precious time? Zoning out from the world’s craziness? We get it. We really do. But if you want to get serious about saving money, it’s time to turn that thing off. (Throwing it away like the pic above is probably a little unrealistic for most).
To save money, you have to change your thinking.
If you really want to improve your money situation, you may have to think differently than you have in the past. Many people live with income volatility, which makes saving money challenging. They may have different types of income, and their pay varies each week or month. If you're one of them, you've probably learned to adapt to financial uncertainty, which is a fantastic strength, to be sure. But what's even more beneficial for you: focusing on how to maximize your earnings and your savings potential right now.
Now that your TV is off (just do it), use your free time to do productive things.
Take a close look at where you spend your money. Make a list of regular and one-off expenses, and see where you might be able to reduce costs. Think about how you can make extra money on the side and look for opportunities online (side-hustle suggestions abound online). Join a professional networking or meetup group of people like you who are motivated to make positive personal and financial changes. Take an affordable or free class at your community college or local rec center that will help you learn new skills to earn more money.
Financial freedom is an achievable goal.
Saving money isn’t easy, as we all know. It requires commitment. That's why it can be hugely helpful to have an automatic savings account. And it's critical to understand one of the most important aspects of money growth: compound interest. There's a reason Einstein called it the "eighth wonder of the world." Compound interest can be absolutely amazing for effortlessly growing your money.
Want to save $1,000 by this time next year?
Imagine a day when you don’t need to stress so much about any unexpected expenses that pop up in your life or how you're going to start building your savings? Our newest product was designed to help you achieve that peace of mind. You’ll be able to access the money you need to cover unexpected expenses today while also saving more for tomorrow.
To learn more about a better way to borrow, save, and invest, check outwww.moneylion.com/plus.