How to Be a Better Saver

Bountiful: The Heart of Money Management

Even though the recommended savings goal is typically 10% of disposable income, research suggests that the average American saves less than half that amount. There are many reasons why many of us fall short of that 10% ideal, and some of those reasons are within our control. In this episode, we discuss some things we could do to help us be better savers.
First, there’s the mentality of saving. To be a better money-saver involves being patient. Having patience helps us avoid mistakes and make better financial decisions.
Then, there’s the practicality of saving. We can save money more effectively when we understand where it is going and when we take the time to look for opportunities to improve that. This could mean asking our family for insight and help or setting up automatic transfers to set aside money regularly.

Episode Resources

• Bountiful episode “3 Ways To Be A Better Saver” https://thelightnetwork.tv/bountifuls9e9/
• Bountiful episode “Introduction to Investing” https://thelightnetwork.tv/bountifuls10e2/
• https://www.forbes.com/advisor/banking/savings/american-savings-statistics/
• https://www.forbes.com/sites/forbesfinancecouncil/2021/09/21/what-is-your-money-mindset/?sh=2a1fd2f25431
• https://www.amazon.com/Psychology-Money-hardback-Timeless-happiness/dp/0857199099/ref=asc_df_0857199099/?tag=hyprod-20&linkCode=df0&hvadid=509245866633&hvpos=&hvnetw=g&hvrand=5428965949993914906&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9013096&hvtargid=pla-1069316315471&psc=1&mcid=c029fde810cb3f2d96720aa29c2a22bb&gclid=CjwKCAiAt5euBhB9EiwAdkXWO9tc8B6JP_OFTNH2GL5asGxCwukjBOBBVl8p4ARtsTjHJ6EvC9ZqvhoCHh4QAvD_BwE
• https://www.nerdwallet.com/article/banking/high-interest-savings-account
• https://www.businessinsider.com/personal-finance/savings-goals

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