Monday Market Update: Are You Saving Strong… Or Doing It All Wrong?

Saving money may not be an easy task… but it is an important one. How much income are you setting aside each month? Are you using it to put into a retirement account, for an emergency fund in the event of a job loss or health event… or for a down payment on a house?

As you can see from the infographic below, 21% of Americans are not saving anything at all… while 16% are saving more than 15% of their income. Less than 1/3 of those surveyed considered themselves financially strong in terms of saving, spending, borrowing and overall planning well financially.

No matter how little or how much you are saving, the most important thing to be aware of what your goals are and how your current savings plan (or lack thereof) is helping you get there. It is never too late to make a change!

For those trying to save for a down payment on a home… do not assume that you need 20% down! In fact, the National Association of Realtors® reports that the average American puts 12% down on their home. There are some loan programs that only require 3.5% down, and some local municipalities that offer down payment assistance – so always check with a lender to see what you qualify for and what first-time homebuyer options may help you get into the market.

Not quote sure how to make the cash flow…? MillionAcres recommends starting with these 3 basic savings ideas: 1) Follow a budget that clearly accounts for your savings and spending and helps you identify the wiggle room; 2) Move back in with your parents or another relative (at reduced or zero rent) to save a large amount in a small time frame; 3) Consider a side hustle for 2nd income – it could be hobby related and enjoyable, or something virtual that enables you to work from home when you are able.

The worst thing you can do is nothing at all… so even if you work on tightening up your spending just 1% per day – just think how far you will have come in a few short months!

Resources Used:

Savings Savviness

The New Rules for Figuring Out How Much Home You Can Really Afford

3 Money-Saving Strategies for Your First Home’s Down Payment

Happy prioritizing,


Bobbi Decker
Broker Associate
650.346.5352 cell
650.577.3127 efax
NAR Instructor….“Designations Create Distinctions”

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit:

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