McLEAN, Va. (9/3/14)--If you want to boost savings, create a smart spending plan--and stick to it. It sounds easy, but, according to a recent survey by the National Foundation for Credit Counseling, Washington D.C., about 71% of people have financial worries, and 31% of them say not having enough savings is their biggest concern. Thirty-four percent say they have nothing saved for retirement (USAToday.com July 29).
On a brighter note, millennials are on top of their retirement savings game. A recent survey from San Francisco-based Transamerica found that 3 of 4 young adults born between 1979 and 1996 already are discussing saving and investing and planning for retirement with family and friends (July 15). The survey found that 18% of millennials frequently discuss retirement savings, compared with 9% of baby boomers. Seventy percent of millennials already are saving for retirement either through an employer-sponsored plan such as a 401(k) or through anther savings vehicle such as an IRA (individual retirement account).
To get a handle on spending--and saving--or to amplify what you're already doing:
For related information, read "Everybody's Money Matters: Deciding How Much to Save" in the Home & Family Finance Resource Center.