TAKE THE 1000 SAVINGS CHALLENGE
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Most Americans Save, but Many Can’t Cover a $1,000 Emergency
Saving money doesn’t have to be complicated or involve big sacrifices. Often, the simplest changes to your daily routine can add up to significant savings. By cutting back on unnecessary expenses and adopting a few mindful habits, you can save $1,000 in just one month. Whether you’re trying to pay off debt, build an emergency fund, or treat yourself to something special, these tips will help you get there. Here are 13 ridiculously simple ways to save big starting today.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Saving money, like maintaining your health, is always a work in progress. Whether for long-term financial aspirations or vacations and spending, you can always save more.
About 9 in 10 Americans (89%) save on a regular basis, according to a new NerdWallet survey conducted online by The Harris Poll. And although financially responsible purposes such as emergency funds and retirement top the lists of savings goals, there is work to be done: 155.6 million Americans — 60% of them — don’t have a retirement-specific account, according to the survey of 2,035 adults from March 30-April 3, 2023.
“Saving money might not always take priority when there are other immediate expenses to take care of, but it’s a vital part of your financial health,” says NerdWallet banking writer Chanelle Bessette. “Whether you’re saving up to weather an emergency, to be able to retire or simply to go on vacation, having money set aside can help you avoid debt and create a sense of security. With current interest rates as high as they are, you could also earn a higher return on your cash, especially over the long term.”
Note: Throughout this report, “savers” refers to the share of Americans (89%) who say they save money on a regular basis.
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Key findings
Average savings near $1,000 per month. Americans who regularly save typically set aside $985 every month, on average, according to the survey.
Saving for emergencies is most-cited savings goal. More than half of Americans (53%) regularly save for emergencies, while 43% regularly save for retirement and 42% for vacations.
Existing emergency funds may come up short. Less than half (45%) of Americans would be able to cover a $1,000 emergency expense without turning to a credit card or loan, according to the survey.
Millions of Americans are missing out on retirement accounts. An estimated 155.6 million (60%) Americans lack a retirement-specific savings account. This includes half of baby boomers (ages 59-77), 56% of Generation X (ages 43-58), 66% of millennials (ages 27-42) and 73% of Generation Z (ages 18-26).
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