If your savings account looks perpetually lower than you’d like, you’re not alone. Recent studies show that 20% of Americans don’t save any of their annual income. Which leaves them vulnerable to unexpected costs and emergencies. However, with a bit of planning and preparation, we believe this statistic can change. That’s why we’re outlining tips on how to meet your 2020 saving goals. 

The stats about saving

With 80% of Americans in some level of debt, it may not come as a shock that savings goals are often unmet. Depending on where you are in life, savings may not seem like a current priority. Maybe you have it in the back of your mind that once you reach a certain age, a certain income, or accomplish some personal goals, that you can finally focus on saving. 

But the data shows that only 58% of Americans are saving for retirement, leaving a good chunk of the population unprepared. The bottom line, according to Dave Ramsey: “Few people are saving enough money today to live a comfortable life tomorrow.”   

Retirement is also only one piece of the pie. The last stat we’ll shock you with is from Gallup, which reported that only 32% of Americans maintain a household budget. Without a budget, it isn’t very easy to grasp the bigger picture of overall financial savings. Fortunately, many of these stats are fixable with the right information, education, and resources. 

Put these in your 2020 to-dos

To give you some encouragement, we’ve developed some must-dos this year to meet your 2020 saving goals––whatever they may be. 

Set aside an emergency fund 

We’ve all heard the expression ‘saving for a rainy day.’ Inevitably, there will be unexpected events and costs that come up throughout your life. As part of your saving goals, it’s crucial to establish an emergency fund to keep you on track. This fund should consist “of at least $500, usually in a savings account that you do not have easy access to.”   

Create and stick to a budget

Budgets are personal things. They will vary based on your income-to-debt ratio, the number of people in your household, and your spending habits. As a general rule, the 50/30/20 budget is a great place to start. This means “50% of your income [goes] to necessities, 30% to wants and 20% to savings.” The next step is sticking to this budget; make it a habit! 

Take advantage of automatic savings

Most things are easier when you don’t have to think about them. The same goes for your savings goals. With accounts like DEXSTA’s, you can set up an automatic transfer of “funds from your checking account into a savings account every month.” By doing so, saving becomes an automatic part of your monthly routine and can grow as your goals do. 

Why saving matters

When you open a savings account with an institution you trust, you are setting yourself up for future success. DEXSTA offers services for any stage of life to help you prepare for all the planned and unplanned moments that occur. Plus, it’s never too early to start saving (yes, even in grade school!). Meeting your savings goals allows you to prepare for the unknown and the future. Most of all, it “gives you peace of mind [and] expands your options for decisions that have a major effect on your quality of life.” Time to meet those goals.