America Saves Week is here! It is a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans. Did you know 69% of adult Americans have less than $1,000 in a savings account? More than two-thirds of Americans have less than $1,000 saved up! That may be a worrying statistic; given the reality and post-pandemic economy, it is more important now than ever to implement savvy financial practices. Millennials are taking charge and are the demographic that saves the most. This week serves as a reminder to build the foundations of financial wellness. Savings serve as a vital component of cultivating financial literacy. It helps foster financial wellness alongside securing the unforeseen future and the present. Together we can build financial resilience.
Why is Saving Important?
Savings allow us to attain numerous goals and objectives, such as achieving financial discipline, creating emergency funds to meet unexpected events, and achieving long-term financial goals. Savings enable a person to ensure higher security throughout life by meeting emergencies and unexpected events. A person can try new or different things and even take risks by setting aside savings for discretionary expenses. A person can develop long-term wealth with the help of proper and adequate financial planning. However, an appropriate analysis of the spending habits must be undertaken to ensure healthy savings.
Additionally, a person can boost financial reserves by ensuring savings from the income. Many Americans maintain their savings in the form of retirement funds helps a person to attain wellness. It has been witnessed that savings in emergency funds help a person achieve financial literacy. Therefore, we can engage in financial literacy with the help of dedicated savings and thereby ensure wellness in the future.
At Financial Fitness Group, our goal is to encourage you to focus on the importance of setting aside time to create a plan for your financial needs. Whether you have a financial plan or want to establish your first, exercising your savings and emergency funds should always be a priority. Remember, it’s the small actions that will have significant results. Start saving now. Your future self will thank you later.
