Whether you’re a home-owner, renting, or living with family members, nearly every American struggles with saving their hard-earned cash. In fact, debt has become a way of life for most of us, ensuring that our savings are eaten away by monthly payments.

But, what is the average American savings?

·        As of 2022, 42% of Americans have less than $1,000 in savings.

·        The average American savings account balance is $4,500

·        A considerable 10% of Americans have no savings. That’s at least 25 million American adults who have no savings at all. And this trend has been made worse by the COVID-19 Pandemic, as a third of Americans say they’re worse off now than they were before 2020..

Saving money can seem like a daunting task, especially if you're living paycheck to paycheck. However, with a few simple changes, you can start saving money fast and improve your financial situation. Here are some tips to get you started:

1.     Think of yourself as a bill: After your must-pay expenses; rent or mortgage, utilities, food in the home – put your savings as the next item that needs to get paid, then move on to other discretionary expenses.

2.     Make a budget: The first step to saving money is knowing exactly where your money is going. Create a budget and track your expenses so you can see where you can cut back.

3.     Cut back on unnecessary expenses: Take a close look at your spending and eliminate any non-essential expenses. This could mean cutting back on dining out, subscriptions, or entertainment expenses.

4.     Shop smarter: Take advantage of sales and coupons to save money on groceries and other household items. Consider generic or store-brand items, which can often be just as good as their more expensive counterparts.

5.     Reduce energy costs: Simple changes like turning off lights when you leave a room and using energy-efficient light bulbs can add up over time. Unplugging electronics when they're not in use can also save you money on your energy bill.

6.     Save on transportation costs: Driving less and carpooling, taking public transportation, or biking can save you money on gas and vehicle maintenance.

7.     Cook at home: Eating out can be expensive, so try cooking at home instead. You can save money and have more control over the ingredients you're using.

8.     Look for deals: Take advantage of discounts and special offers, whether it's through your workplace, credit card rewards, or online deals.

9.     Automate your savings: Set up automatic transfers from your checking account to your savings account so you can save money without even thinking about it.

By implementing these tips, you can start saving money fast and take control of your finances. Remember, small changes add up over time, so don't get discouraged if you don't see immediate results. Just keep working at it and you'll be on your way to a healthier financial future.