Too Few Playing the Savings Game

Just 28 percent of all Americans say they save at least 10 percent of their income. That’s one of the findings from a new survey by the American Savings Education Council.

What percentage of your monthly gross income do you save each month? For most people, 10 percent should be the absolute minimum. Do you have an emergency fund of three to six months’ worth of living expenses? If not, make that your first savings goal. A savings account at a bank (traditional or online) or credit union, or a money market mutual fund are good choices for such money. Set up an automatic monthly transfer from checking to savings to build the account. Beyond that, are you eligible to take part in a retirement savings plan where you work? And does your employer match some of your contributions? If so, that’s the easiest money you’ll ever make. Don’t miss out.

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2 Responses to Too Few Playing the Savings Game

  1. Matt Bell June 28, 2010 at 3:37 PM #

    I’m not familiar with the service you mentioned, Richard, but after looking briefly at their site, I would advise extreme caution. I’m always leery of promises that sound too good to be true.

  2. Richard June 27, 2010 at 10:24 AM #

    I moved all my funds in my 401K to G Fund [Government Securities Investment], I do not trust the stock market, its almost the same as gambling. Do know anything about “BankOnYourself”. I am considering this program instead of the stock market for funding for my retirement account.

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