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Expert Provides Tips On Saving Money

By Joel Hardy

02/28/2014

(KAIR)--Not many Americans are saving enough money. That, according to the 2013 Annual National Survey Assessing Household Savings, which was recently released as part of America Saves Week, which runs from February 24th through March 1st. The survey reports that only about half of the country practices good saving habits. K-State Research and Extension family resource management specialist Elizabeth Kiss says that unfortunately, very few have a good savings plan. She says saving is a challenge for everyone, but it does get better if you set a goal and make a plan. If you have a spending plan, then you know where you money is going, and you know where you want it to go.

Kiss suggests one way to save money is to keep a savings account that is separate from the account you use for your everyday expenses.

Kiss says that building an emergency fund is essential to covering any unexpected expenses. Americans in general do not have adequate emergency cushion. Less than half have more than $2,000-$3,000 to access in a time of need.

Kiss also says that another important thing to remember is that people are different, and what may be a good savings goal for one person, may not be good for another. It is important to set the goal that is right for you.

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