Does the fact that you have little or no savings bother you? If it does, at least take comfort in the fact that you aren’t alone. According to a recent survey by CreditDonkey.com, 4 in 10 Americans have $500 or less in savings. Sadly, that statistic doesn’t surprise me much, but it’s okay if you are there. However that doesn’t mean I want you to stay there.
Like anything else in life, your lack of savings does not have to be a permanent situation. In my experience, I feel a lot of the reason why we struggle with savings is that we don’t make it a priority to save. It’s something we wish we could do, but don’t set it as a goal. But it’s funny, once you make saving a priority you will be more motivated to better control your spending and start to save for emergencies, purchases, and retirement.
The thing with savings is, it’s something we know we should do, yet we have no idea how to do it. I’ve learned in my own life that if you hope you will save money each month, you won’t. You have to be intentional about saving. So if you are among the 40% who have $500 or less in savings, ask yourself what are you going to do this upcoming month to be in the 60%.