It’s become more important than ever for Americans to learn the value of saving their money. As of 2018, a recent survey was done about the average amount of income an American save and it was a shocking 3.5%.

During recessions, it’s also shown that Americans are quicker to tuck away money and save more for a rainy day, but when the economy is looking good, Americans go back to being optimistic with how they spend. Just from this data alone, it’s safe to say that Americans can save money when they feel uncertain and this is what this article will address.

Lastly, this article may even help people who are in credit card debt or have a lot of debt in general, something you may want to consider consolidating with a loan, so without too much further ado here are 5 tips that will help you save more money!

Tip 1. Don’t buy now, buy later


Most of these tips are only there to help you mentally conserve your resources, and the top of the list is actually something a lot of people would benefit from. It’s very easy to ride an enthusiastic wave of purchase and come to have something called buyers remorse afterward.

According to, the next time you have a compulsive urge to buy something that you know deep down may not provide any more value to you other than a quick dopamine spike of feel-good, consider pulling out your phone and opening a notebook to jot down the thing you wanted to buy. If you still are committed to it after a day or two, then the chances are good that you’re spending in a more thoughtful way.

Tip 2. How many hours does this cost?

Another tip you may want to be aware of is the idea of your spending is equivalent to the hours worked in your life. So next time you’re at an upscale bar, consider if the 4 drinks you purchases is worth 2-3 hours of work depending on your income.

Tip 3. Save your savings!


On a more practical note, you may want to do something called, “saving your savings”. Saving your savings is the idea that the income you make shouldn’t just be held in a bank account you’re very active in. While there are plenty of investing strategies, at the very least you could have a bank account where you put money in, and then completely forget about it.

Tip 4. Would you rather have the cash?

Next time you go to make a lofty purchase that isn’t a necessity for you, a good question to ask yourself is “would you rather have the cash?” The example you could go buy a brand new Lincoln MKC town car for $45,000, or would you in fact, just rather have the cash?

Tip 5. What is the future value of this purchase?

This blends into the next tip to save cash, and that’s just to ask yourself how much future value is in this purchase? This is possibly the most stoic thought to have because while life is meant to be enjoyed, at the heart of a lot of bad spending choices is really to have this question as to the great equalizer to your spending habits.


Final thoughts

Following these steps you should be able to manage to put away more than 3.5% of your income for a rainy day, and who knows maybe even a business opportunity.