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Americans Adopting Prudent Money Habits

It really says something about American consumer culture when it's news that people are actually saving their money. I suppose it's better late than never, and a new study from First Command Financial Services shows that people are starting to save more and pay off their debt loads. In September, Americans put an average $901 more into short-term savings than in August — an increase of nearly 20 percent! Even more impressive, retirement savings deposits rose more than 50 percent month over month.

Have you increased the amount of money you put in to savings?

Join The Conversation
Kat-E Kat-E 8 years
Being a recent college graduate and living paycheck to paycheck as it is, I wasn't saving ANYTHING until a few months ago. I set up an automatic program through my bank to subtract $25 from my account every month. I figure if I never had the $25 to spend to begin with, I wouldn't miss it as much. It's worked so far :)
4peachMoney 4peachMoney 8 years
I am saving more money now since I've switched from banks to credit unions--the bank fees were killing me--and cut out all kinds of unnecessary fees from car insurance and other things. I also, now, do a monthly budget (instead of a general one)--which I read about in a previous article on this site--and it helps. Making a budget makes sense now--it works better if you look at it on a smaller scale. Thank you Team Sugar!
Ladytron7000 Ladytron7000 8 years
Paying down credit card debt comes first. Unless you can find me a savings account that will get better than 6%. What are CD rates looking like now?
janneth janneth 8 years
You can save so much money by cutting out lattes/dining out, cutting back on meat, taking public transpo. And you will be MUCH healthier--bonus!
psterling psterling 8 years
We just bought a house so we're saving like crazy because I'm freaked out that I'll lose my job. So far we've got about 3 month's worth of mortgage and bills saved up but more never hurts. We're also investing more than we used to. Its a great time to get in the market when stocks are so low.
Spectra Spectra 8 years
We've always lived well within our means, so we've always been putting a good chunk of money toward retirement and the future. Especially since the whole Social Security system is kind of up in the air, I definitely don't want to be depending on the government to be footing the bill for my retirement. I just don't want to end up like my parents....they are in their 50's and have only about $60K in their retirement funds and they have 2 mortgages on their house, a bunch of credit card debt, and a new car loan. So yeah, I guess they kind of bought into the whole debtor lifestyle of making minimum monthly payments for the rest of their lives. Kinda sad, actually.
bluebellknoll bluebellknoll 8 years
I paid off my credit cards a few months ago so all of the money I used as payments now goes into savings. I used to stress out about how little I was able to save but now I'm finally able to relax a little!
sundrops sundrops 8 years
Absolutely! But since about a year ago.
dcfashionista dcfashionista 8 years
My saving took a hit so I have to rebuild the account. I have so many bills that it's not funny but I will have to add a small amount weekly to get it together.
syako syako 8 years
if what the media say is true --- that we're in this total depression, then how in the heck do Americans have more money to put more into savings?? Something doesn't seem to be adding up. And to answer your question, yes, we have put a lot more aside each month. I'd say we've increased it by 50%
ilanac13 ilanac13 8 years
i've wanted to do that - but with the way that things are going right now - i'm kind of in a hole. my fiance isn't working which makes things all that more challenging for me, and i can only hope that i'll be able to start to save more.
Angela123 Angela123 8 years
I have, but not really because of the economy. I've just paid off my car, so now what I was spending on my car payment is going into savings.
carak carak 8 years
i've been saving more and cutting back on a lot of things. and also trying to pay off my debt as much as possible. though credit cards can be bad if you don't know how to handle them, it's still a good idea to get one to build up your credit. if you don't have student loans or a car loan or mortgage already, it'll be hard to get one when you don't have any established credit.
bluepuppybites bluepuppybites 8 years
My husband and I have been investing in our future as well as our children's. We also don't believe in credit cards. I have never had on and my husband only had a few in college and regrets it. We've been saving for a house which is a pain right now cause the mortgage company is just sitting around waiting for things to calm and we kinda need the house now.
Shopaholichunny Shopaholichunny 8 years
Not really. I just started doing it a couple of weeks ago for my trip next week to the Caribbean but I'm planning on taking at least 75% out for "shopping" money. So when I come back I'll have to start over again.
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