Most of us face our share of impediments to saving money, whether it’s unplanned bills, peer pressure, or impulse buys. But the fact that Americans seem all too comfortable with debt makes saving money less of a priority for many.
That’s a very bad thing. Without retirement savings, workers today won’t manage to maintain their lifestyles once their paychecks go away. And without a healthy bank account balance, you may find yourself out of options the next time you need cash in a pinch, whether it’s to fix your car or repair something in your home.
Yet a recent report by real estate service Clever found that more than 50% of Americans either break even or spend more than their income each year. As such, they don’t save. If you can’t remember the last time you contributed money to your IRA or 401(k), or even to a savings account, for that matter, it’s time to rethink your approach to spending, stop falling back on credit cards, and get a handle on your finances — before it’s too late.
Carve out your own savings path
Saving money often comes down to personal motivation to do so. But there are steps you can take to make it easier on yourself.
For one thing, be judicious about using credit cards. They can easily lend to overspending when not managed wisely, as evidenced by the fact that Americans owe an average of $8,000 in revolving debt, reports Clever, most of which is thought to be of the credit card variety.
Let’s not forget that the…