Here’s how much money Americans will save on average in 2022

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The number may surprise you.

It’s safe to say that consumers have struggled with inflation in 2022. Many had no choice but to rack up debt on their credit cards and use up their savings just to meet the bills they needed. I had to make a choice.

So it’s somewhat surprising (in a good way) to hear that many consumers have successfully saved in 2022. In fact, New York Life’s latest Wealth Watch survey found that Americans added an average of $5,011 to their savings accounts last year. And it’s pretty impressive.

That being said, if you did not do it You can increase your savings in 2022. Do not sweat. Many people have barely been able to cover their bills because of inflation, so they shouldn’t be depressed about the lack of savings growth.

But there are steps you can take to reach your savings goal in 2023.

1. Create a budget

Sticking to a budget doesn’t mean your bill will be cheaper. However, it may help you manage them better.

Once you have a budget, you can see how much you spend each month on essentials and non-essentials. And it may prompt you to change some of your spending habits.

2. Use sparingly for non-essentials

I enjoy going out with my friends at night and eating out. But let’s face it – these are things you can’t live without.

To be clear, you shouldn’t say I never have Go to the movies, go out to dinner with friends. Rather, if you’re serious about saving and haven’t saved as much as you’d like in 2022, you should do these things sparingly.

3. Have a side job

You may be able to save more money this year by spending less. But if you really want to increase your savings, consider a side business.

The money you earn from that job will not be allocated to things like rent or car payments. So you have a great chance to get most of your bank-earned money (assuming you were paid as a freelancer and your earnings weren’t tax deducted beforehand, minus the taxes you owe the IRS). ). .

Many people struggled to save money in 2022, so rest assured that while the average savings across consumers last year was $5,011, many people definitely saved $0. In fact, it only takes a small percentage of supersavers to raise average savings. So most people think that in 2022 he might have saved $0 to $500, but very few people saved $100,000, so on average he would go to $5,011. Become.

So the point is not to get depressed about last year. Instead, look ahead to 2023 and do what you can to reach your savings goals.