The SmartyPig Blog

Americans Still Not Saving Enough

Piggy Bank on an IV of pennies

 

“Americans still don’t have enough savings,” say the experts at USA Today. Bankrate’s annual survey released this week, shows no change in savings rates over the last several years. They note: “More than a quarter of Americans have no emergency savings… Of those who do have savings, 67% have less than six months’ worth of expenses, what Bankrate calls the recommended amount, and those with at least three months’ of expenses declined from 45% in 2013 to 40%.” Student loan debt, raising costs of living and flat wages make tucking those extra dollars away, tricky.

SmartyPig knows this, which is why we make our savings goals easy and worry free. Simply set it, and forget it. And reap the rewards, or use them in an emergency (if you need them, and we hope you don’t!) Have you started a new goal lately? We challenge you to do so today.

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman, SFoss@SmartyPig.com

Rich in Retirement

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It’s a ways off for my husband and I, but it doesn’t mean that we aren’t thinking about it. And saving for it. Each, and every month. Sitting pretty in retirement might look to you like owning your home outright, driving a nice vehicle and affording the occasional warm-weather vacation. It might simply look like, “getting by” each month. It can be exciting, scary and overwhelming all at once. MSN Money reminds us of a few reasons why we might “retire poor” in their video blog this week.

The experts note reasons like: saving money in the wrong accounts, financing everything, letting your credit score go and being overly careful with investments. Another notable reason is, “your saving priorities are all wrong”. This varies from person to person – but remind yourself (now) to put your retirement first as often as you can. No one will reach that goal for you, but you. Don’t sabotage the life of leisure your 70 year-old self deserves, get to saving today!

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman, SFoss@SmartyPig.com

Save at the Pump

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Did you know weekends are the best time to buy gas? Sure enough, the experts note that costs are almost always lower. Do you have a gas “program” at your local grocery store? That’s another way to save big time coin at the pump. What am I getting at you might ask? Well, summertime typically lends lower gas bills for my family. No trips to and from school or activities, more time on our bikes and simply choosing to stay home for the broader range of activities warm weather welcomes. This summer I’m making an effort to drive less, for our planet, and well, for my pocketbook.

My search for ways to cut summer fuel costs led me to an expert tip session with our friends at MSN Money. In addition to the tips stated above, they also suggest skipping the AC for windows down, traveling a direct route with the help of your mobile device and mapping program, and downloading a gas app to find the best deal near you. Take these tips to your gas tank and be sure to save the extra change in your pocket in one of your SmartyPig goals.

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman, SFoss@SmartyPig.com

SmartyPig Users Say…

So, you say you’re having a hard time saving. Maybe it’s been a while since you’ve created a new goal or maybe you’re completely new to saving all together, with no idea where to start. Yesterday we asked our awesome users what their best piece of advice was for new or struggling savers out there. Our responses were so great we decided to compile a few of our favorites!

“ALWAYS pay yourself 1st!” – Susan O.

“It keeps getting easier. Starting to save is the hardest part!” – Charles S.

“Automatic deposit! If you don’t see it you don’t miss it” – Connie S.

“You can probably save at least $5.00 more than you think you can… stretch a little, you won’t be sorry.” – Gail S.

“Think of it like a game. The higher the score the better.” – Kris K.

“Compounding interest is the 8th wonder of the world! The sooner you start, the sooner you can retire!” – Tom G.

“Have a specific goal in mind for savings to keep you motiviated” -@HelpMeToSave

Take the tips from these super savers and you’ll be well on your way to reaching your goals in no time!

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman 
SFoss@SmartyPig.com

 

 

How Are You Using Your SmartyPig

I’m saving for spring break next year. As a teacher, my salary can’t get me far without a little saving each month. SmartyPig makes it so easy! -Sam

I’m not saving for anything particular right now with SmartyPig. I’ll be honest, the interest rate is what initially attracted me, but the fun perks and ease of the site is what keeps me here! -Patrick

We are saving for any emergencies that may come up with our dog, Gracie. She’s nearing 14 and seems to have one medical need after the other these days. Thanks for keeping her healthy SmartyPig! -Kate

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