The company surveyed 3,000 Americans
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.