Your Answers: The Best Savings Habits

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Americans today struggle to save money. In fact, nearly half lack retirement savings. So we wanted to get to the bottom of this: how are people saving money, and who do they look to for savings advice? We leveraged the power of social media to ask our clients and customers how they save, where they learned their savings habits and just how effective those savings habits are. Let’s take a look at the results.

What are you saving for?

We asked our Twitter followers what they’re saving for: a house, kid’s tuition, vacation, or a “just-in-case” emergency. Our biggest takeaway? More often than not, people see a need for a rainy-day fund. Here’s the breakdown based on 16,724 voters:

  • 35% of people are saving just in case.
  • 28% of people are saving for a house.
  • 19% of people are saving for vacation.
  • 18% of people are saving for their kid’s tuition.

Where do you get your savings habits from?

Once we knew what voters were saving for, we wanted to know who they learned their savings habits from. We soon found out that in most cases, people were actually teaching themselves. Here’s what we gathered from the 822 voters:

  • 48% of people taught themselves their savings habits.
  • 39% of people learned their best savings habits from family.
  • 8% of people learned their best savings habits from a financial advisor.
  • 5% of people learned their best savings habits from a friend.

Whether you learned from a family member, relied on a financial advisor, or discovered how to save on your own, we know that everyone’s savings habits—and backgrounds—are entirely different. Here’s what some of our clients and followers had to say.

How do you save money?

“Pay off one bill, put that exact amount in savings every month because you don't need it.” -Annette H.

“It’s all about saving always, cutting costs, and living below your means.” -Miles J.

“See a penny, pick it up; all day long you’ll have a penny. Invest $1,000 wisely, and who knows?!” -Timothy R.

“Like I’ve always said: It’s not how much you make, it’s how you spend it.” -David J.

Where did you learn your savings habits?

“My mother, she was the greatest.” -Monika P.

“Mostly from my parents! I have and always will regard money as something to save, not spend. Just call me frugal. Trying to teach my daughter the difference between spending on needs versus wants!” -Britt L.

“I already know how to save money, I’ve been saving since I was 10 years old when I began babysitting. My grandpa told me to save half of what I earned, so I listened to his advice.” -Patricia P.

“Purepoint Financial!” -Dave T.

No matter what your short and long-term goals are, PurePoint Financial is committed to helping our clients save. How do you make sure that you’re constantly saving money? Where did you learn your savings habits? We’d love to hear from you. Let us know on Facebook!

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