San Antonio, TX (PRWEB) January 13, 2016
According to a recent survey conducted by USAA Bank, 71 percent of Americans reviewed their finances to find ways to reduce costs and increase savings in the last year.
USAA surveyed people of all age groups and income levels about how they save their money and find extra cash in a pinch. Nearly half of those surveyed claimed they are finding some success in saving. Fifty-one percent reported saving for retirement and 49 percent for a rainy day. The survey also found that nearly 40 percent are saving for a major purchase such as a car or home and 22 percent are setting aside funds for college. When needing to cover unexpected expenses, most take money out of a savings account, but 35 percent have been compelled to borrow money from family and friends, 23 percent have sold personal items and nearly half of respondents seek out additional work.
Though many respondents are saving, most surveyed felt they are not able to save regularly no matter their income level. To increase savings, 68 percent of those surveyed have reviewed bills and services to look for ways to reduce costs, 21 percent have consolidated loans to lower payments and 15 percent of people refinanced their mortgage.
“Most people think that in order to make a dent in their savings, they have to cut out all unnecessary daily expenses like trips to the coffee shop, but there are other ways to help you save more and reduce annual spending,” said JJ Montanaro, CERTIFIED FINANCIAL PLANNER (TM) at USAA. “By reviewing routine bills and services, you can pinpoint other areas within your budget where you might be able to cut back.”
To help meet savings goals in 2016, USAA offers the following tips for finding hidden savings.
- Review routine bills such as those from cable, cell phone and internet providers and bank service fees to compare among competing companies to seek out reduced fees or monthly charges
- Look into refinancing your mortgage or auto loan
- Find the right credit card by researching low interest rates or cash-back rewards and considering transfer fees that could add up
- Trade down to a less expensive car or sell a car
To learn more about how USAA can help you reach your savings goals, visit usaa.com.
The USAA family of companies provides insurance, banking, investments, retirement products and advice to 11.1 million current and former members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable – and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.