Create a savings habit

Saving money can be a challenge for some people. Recently, with rising consumer costs, personal savings rates are just 3% of disposable personal income as of May 2026, according to the U.S. Bureau of Economic Analysis. Even when saving money is hard, it can be beneficial to work on building savings habits. Making a conscious decision to save money at every opportunity can build positive financial habits. So, even if the amount you can save may be small right now, you can still work on saving money. 

Be intentional with saving and start by setting goals. If you have a goal in mind, that is great, but if you do not, you can work on building an emergency fund. As for emergency expenses, only 63% of people reported being able to pay for a $400 emergency expense with cash or its equivalent, according to the Economic Well-being of U.S. Households in 2025.

When you think about the benefits of saving, you can be more motivated to continue. If you are able to save a dollar a day, by the end of the year, you will have $365 saved, which sounds so much more significant than a dollar a day. So, while it may cost you a dollar a day, having $365 at the end of the year can be worth it. If you decide you can save $20 each week, at the end of the year ($20/week x 52 weeks), you could have $1,040 saved. In addition, the amount saved could be even higher if you put the money in an interest-bearing account. Savings calculators can be used to see how much money you can make at different interest rates. 

You may not be able to buy much with a dollar or even $20, but having $365 or $1,040 in an interest-bearing account could increase your financial security.  Try setting a savings goal today. Decide how much you can comfortably save each day, each week, or with each paycheck and write down how much that could add up to over a year. Now start working toward that savings goal. 

References

Board of Governors of the Federal Reserve System. (2026, May). Economic well-being of U.S. households in 2025. federalreserve.gov. https://www.federalreserve.gov/publications/files/2025-report-economic-well-being-us-households-202605.pdf

U.S. Bureau of Economic Analysis (BEA). (2026, June 25). Personal Income and Outlays, May 2026. https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026

U.S. Department of War. (2026). FINRED Savings Calculators. Office of Financial Readiness (FINRED). https://finred.usalearning.gov/ToolsAndAddRes/Calculators/Savings