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Save more, spend less, reduce debt: Americans unveiled their priorities

The company surveyed 3,000 Americans

savings

Save more, spend less, reduce debt: Americans unveiled their priorities. Source: shutterstock.com

According to MoneyRates, 38.4% of Americans report creating a budget with a specific savings amount as the primary approach to saving, followed by setting up automatic deposits into savings accounts.

Here’s how Americans ranked their preferred financial goals:

  • Save more – 20.8%
  • Spend less – 19.9%
  • Reduce debt – 18.8%

In fact, early 55% say they hope to pare down how much they owe in the year to come. Respondents say they plan to minimize discretionary spending and bump up monthly payments as a strategy to climb out of debt.

As far as how people plan to achieve their savings goal, those with this resolution have the following strategies in mind:

  • Create a budget with a specific savings amount – 38.4%
  • Set up automatic deposits into savings – 12.2%
  • Save and deposit spare change – 8.3%
  • Obtain a second job or income stream – 8%
  • Sell belongings – 2.6%
  • Participate in an automatic savings plan/round-up program – 2.4%

We’ve reported that 54% of Brits are determined to start managing money better, rising to two-thirds of 25-34 year old.

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