Related: Americans Are Spending Their Hard-Earned Savings— Here’s Some Significant Ways To Cut Back
Research shows that some people, especially those raised with less financial education or resources, are more likely to make risky, rushed, or poor financial decisions in a bad economy. Impulse spending or taking the first offer for cash rather than waiting and negotiating is more prevalent during economic hardships.
Saving More
The Federal Government tracks Americans’ spending and saving habits and has shown a decline since 2024 in the amount of money Americans have saved. Our savings cushions are much thinner than they used to be, and with the price of goods and services skyrocketing there’s no wonder why.
Related: Here's Our Ultimate List of 105 Side Hustles That Are Trending for 2026
Methods For Saving
Planning your monthly budget and waiting to make purchases goes a long way. We suggest taking the following steps:
Gather all your bills and look at your bank statements to see what you absolutely have to pay every monthEliminate one to two purchases you can do without to help free up extra money in your budgetSet a plan for paying bills on time and automate every bill you canAllocate a weekly or monthly total for a treat or splurge and stick to that amountPlan a big purchase and save towards that goalWait 24-48 hours before making a large purchase to consider if you really need itCompare prices on everything from groceries to a new car and go with the best deals, even if they aren’t as convenientDisclaimer: This article is for informational purposes only and does not constitute financial advice.
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