This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
Many American women worry they are behind on their savings goals.
Image source: Getty Images
It’s not uncommon to have fears surrounding money, so if you do, you’re not alone. A recent Fidelity Investments study found that many American women are concerned about having enough money saved for emergencies. While many men share this same fear, the study found that fewer men have concerns about their savings progress.
59% of women want to feel financially secure
The Fidelity Investments Women’s History Month 2023 survey looked at the current state of women’s finances. The study found that 59% of the women surveyed said their number one long-term financial goal was to feel secure and not feel concerned about money. The study also examined the financial concerns women have. One leading shared fear was a lack of savings.
Save: This credit card has one of the longest 0% intro APR periods around
More: Save while you pay off debt with one of these top-rated balance transfer credit cards
The survey found that 76% of women feared not having enough savings, while only 65% of men shared the same fear. However, many women are working hard to change their current personal finance situation. In fact, 53% of women said they plan to contribute to an emergency fund and 66% plan to adjust their spending habits over the next six months.
Four tips to reach your savings goals sooner
Are you working to boost your savings this year? Building a solid emergency fund is an excellent way to prepare for future costs. By making some adjustments, you may be able to save more money faster. The following tips could help you succeed.
1. Create a budget to avoid overspending
Following a budget can make it easier to stick to your savings goals. When creating your budget, be sure to factor in both fixed expenses and variable expenses. Once you know how much you’re spending each month, it will be easier to figure out where you can cut back to free up some of your income to put more money toward savings. If you’re new to budgeting, you may want to use budgeting apps to make the process easier.
2. Don’t neglect high-interest debt
While navigating your financial journey, don’t ignore your debt, especially high-interest debt like credit card debt. Debt balances with higher interest rates can quickly grow, get out of hand, and negatively impact your financial situation and credit score. Prioritize eliminating high interest as quickly as possible, so you can save money on interest charges and be able to focus on your savings goals sooner.
3. Save time with automation
Another tip for success is to automate the savings process. Setting up an automated savings plan makes it easier to save money regularly and eliminates forgetfulness. Plus, it can save you time. You can have money automatically transferred from your checking account to your savings account as often as you’d like. Setting up automated transfers through your mobile banking app or website is easy to do.
4. Boost your bank account balance by earning interest
It’s best to keep extra money in a savings account because you’ll earn interest on your contributions, allowing you to grow your savings faster. Additionally, keeping your funds in a dedicated savings account may reduce the temptation to use the money for unnecessary purchases. Don’t miss out on the chance to earn interest — it’s free money. Check out our list of the best high-yield savings accounts to find an account that meets your needs.
It’s never too late to start saving
You’re not alone if you feel behind on your financial goals. Plus, it’s not too late to start saving. If you can only afford to put aside a small amount of extra money, that’s okay. Every little bit saved can make a big difference and help you prepare for the future. Review these personal finance resources for additional money management guidance.
These savings accounts are FDIC insured and could earn you 14x your bank
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 13x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
