Blog Post  America Saves Week

Developing a savings habit can be difficult, especially with wages that aren’t meeting rising expenses and young adults lacking financial knowledge.

According to the 2016 annual America Saves Week survey that analyzes household savings, only 43% have automatic savings outside of work, and two out of every five U.S. households report good or excellent progress in meeting their savings needs.

To improve these statistics and motivate savings, consumers should focus on daily savings. Here are some tips to help Massachusetts consumers develop healthy savings habits:

• Make your savings automatic – It’s hard to put money aside for your savings account. This can be made easier if you set up an automatic savings account, which will deposit a fixed amount of money without ever missing it.
• Save a portion of your tax refund – This can be a big step towards meeting your savings goals. Split a portion of your tax refund into savings.
• Start cutting down spending and trim your expenses – Determine between a purchase that is necessary and a purchase that is just wanted. Pay off high-interest debts to cut spending.

If you need a savings account, the Division of Banks has tools to help you find a bank or credit union.