How much money do you save per month?

Came across this survey on CreditDonkey.com – Scary: Americans Saving Less Than $100 a Month. It’s always interesting to see where ourselves stand compared to others.

Saving per month 2012 2013
$1000+ 5.0% 6.8%
$500+ 9.6% 12.9%
$100+ 30.2% 46.8%
<$100 55.2% 33.5%

Although the sample size is relatively small at just over 1100 respondents, the figures still tell of trends.

A good amount of people has a difficult time to save any each month. Although for the topic of saving, the trend is going in a good direction with more people being able to save more than $100.

While the life we live include many needs, it remains that with determination, discipline and clarity, there are actions we can take to trim expense by figuring out what’s really needed and save more. I understand it is just very difficult for people in certain situation…

Well, that makes it not surprising that it says 38% “do not have at least $100 cash on hand” in the 2nd part of CreditDonkey’s post. I cannot imagine how nerve wrecking it would be. My anxiety level would go through the roof.

Another thing shown is that it remains difficult for many to save a significant amount of money monthly as people who can or plan to save more than $500 for both years do not extend 20%.

In the end, it boils down to what we want in life. Given, you have sit down and really figure it out. I fall into the saving $1000+ category for the simple reason that I desire to reach financial independence sooner than “retirement age.” That is a purpose I’ve had. I want it bad enough.

Saving. It’s a choice. A decision that each of us has to arrives at on our own.

So, it is ok to spend more now and save less if you’re ok to continue [and be restricted] to keep a job or you really plan to succeed in a career.

But because of my said purpose, beyond the need for short-term financial security, beyond the always discussed need of emergency saving, I’m saving above and beyond with a sense of urgency — which makes me quite the minority I believe — though I really have no idea how much my peers save. I always wonder…

So perhaps you can help me out readers… How much do you save? And for what reason?

Originally posted 2013-03-04 23:36:14. Republished by Blog Post Promoter

3 Responses

  1. Paul says:

    I take it you mean’t through the roof? Never heard of through the root before ha! It’s good to see a trend developing that more and more are able to save over a $100 but there are still a lot struggling to make ends meet.

  2. Kin says:

    Paul, thanks for pointing out the typo! What can I say… Old eyes and late night typing :) There is no doubt many struggle, especially for younger people now and for families, to make ends meet so let alone setting aside money for saving. I think it helps a lot thinking and knowing that in the long-term we put ourselves are in a better position with some savings and thus making the choice to do it and persevering.

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