Most Americans Don’t Have Enough Savings

Do you have enough savings to cover an emergency? If not, you’re among the 71 percent of people that don’t have enough set aside to cover six months’ worth of expenses. Having money set aside for unplanned expenses is essential, but, according to the Bankrate survey released in June, only 29 percent of adults say they have a large savings account.

Here are three easy ways to jump start your emergency savings fund.

  1. Open a savings account.

If you don’t already have a savings account, start your savings journey by opening one. A savings account is a great way to set aside money into a separate account that you typically can’t access with your debit card.

Savings accounts often have stricter guidelines that limit the number of times you can transfer money from your account. Many banks and credit unions enforce a six time transfer limit. This means you’ll be charged a fee for each additional transaction that you take money from your savings once you’ve reached that limit. This is a great way to keep yourself accountable, and avoid the temptation to spend your savings.

  1. Set up automatic savings.

One of the easiest and most effective ways to save is automatically. With automatic savings, you can set it up, and let it go!

Watch your savings grow each time you get paid by asking your employer for a direct deposit form. You’ll need your banking information, including your savings account number and the routing number to your bank. Determine how much money you can comfortably afford to set aside from each paycheck and then complete your direct deposit form. No direct deposit? Talk to your banking institution about scheduling automatic transfers from your spending account into your savings.

If you need help figuring out how much money you can afford to save, you might want to calculate your expenses and create a budget. >> Learn about budgeting.

  1. Make a promise to yourself to save.

Saving money is always fun and exciting at first. When you make your first savings deposit, you feel like you’re one step closer to reaching your savings goal and you can’t wait to see your progress. After a few months of continued savings, you might start to get comfortable and feel like it wouldn’t hurt to spend some of your emergency savings on a non-emergency.

That’s where we step in! When you take the America Saves pledge, you’re making a promise to yourself to continue saving. We’ll send you reminder text messages to encourage you to make your savings deposit. These gentle nudges will help you stay on track, even when you have money saved. You can never have too much savings so it’s important to stay focused. We’ll also send you helpful savings tips and tricks to continue working towards your goals!

Take the America Saves pledge and start your savings journey so you can be prepared the next time life happens.


Let America Saves help you save money. It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your goal. Think of us as your own personal support system.

TAKE THE PLEDGE


Are you among the 71 percent of people who don't have enough money saved to pay for an emergency? v/@AmericaSaves https://bit.ly/2N7atqb 

  Tweet this now

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Katie Bryan | December 19, 2013

    Keep #holiday #debt in check by setting a #savings plan & sticking to it! http://ow.ly/COU1y

Saver Stories View all »

Taking Back Control Over Finances

Written by Virginia Saves | August 5, 2015

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

Read more...

Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

Starting and Continuing a Personal Finance Journey

Written by Sara Cooper | December 23, 2013

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving