Tag Archives: Bankrate

Money Monday: Americans are saving a little more

A bit of good news: more Americans are saving.

“The percentage of people who have adequate savings to cover six months of expenses — a six-month-stash — has jumped to 31%, according to a new study from Bankrate.com. That’s up from 28% last year and 22% in 2015.

“Not everyone is there yet: a quarter of Americans still have no savings at all. But that is down from 28% last year and the report shows positive signs that saving habits are improving” (Bahney, Anna. “Americans are saving (a little) more.” money.cnn.com/2017/06/20/pf/emergency-fund).

Apparently, it’s the younger people and the middle-class that are doing well at saving; read more of this article at money.cnn.com.

Money Monday: Many Americans aren’t saving enough

In a Bankrate survey, half of Americans are saving 5% or less of their income, with only a quarter saving 10% or more.

That’s far below the recommended 15% savings that Bankrate recommends — only about 1 in 7 Americans are saving that much.

The middle class appears to be doing the most saving, with 35% of income earners of $50,000 to $74,999 annually saving more than 10%. Those in the $75,000+ annual wage bracket are a close second, with 32% saving 10% or more of their income.

Read more about Bankrate’s findings in CNN’s article here: “Half of Americans are saving next to nothing”.

Do you need more Money Monday tips, so that you’re saving more of your money? View all of my posts on money here. Some related Money Monday topics: Common money mistakes, Frugal living rules, and Prioritize bills when you’re low on cash.

Money Monday: 5 things homebuyers need to do

If you’re looking to purchase a home in the near future, start planning now on what you need to do before actually looking for a home.

buyers and sellers real estate disclosures

There’s a lot on your to-do list when it comes time to buy a home, but you can avoid making some big mistakes and hurdles by realizing these five helpful pieces of information (tips from the Bankrate’s helpful article here: “5 first-time homebuyer mistakes“):

  • Realize that you’ll be paying more than just mortgage payments
  • Get loan preapproval before starting the house hunt
  • Get professional help from a real estate agent (In San Diego County and don’t have a Realtor? Call me at (619) 890-3648!), loan agent, and perhaps a lawyer)
  • Don’t use all your savings on the down payment
  • Wait until you’ve officially closed to make any other big purchases

Bankrate’s article is full of many more details and information on these tips, so click over to their website and read their article here: “5 first-time homebuyer mistakes“.