American Adults Saved an Average of $5,011 in 2022. 5 Tips to Reach Your Savings Goals

Building an emergency fund is a popular savings goal for Americans.

Saving is a big goal for many Americans. Having extra money set aside in a savings account can make it easier to handle future expenses. Plus, you can earn interest on your savings contributions. A recent study by New York Life found that Americans saved an average of $5,011 in 2022. Do you have significant savings goals that you want to reach this year? If so, you're not alone. Below, we'll share a few tips that may help you be more successful.

Americans saved an average of $5,011 in 2022

New York Life's Wealth Watch Survey examined Americans' financial goals, progress in reaching their goals, and the overall outlook on their financial futures. When asked to think about the current state of their finances at the end of 2022 going into 2023, 33% of adults felt hopeful, while 31% felt stressed.

Many of those surveyed were successful in saving money in 2022. While on average, American adults planned to save $5,437 in 2022, they saved slightly less. American adults saved $5,011 on average. It turns out men saved more than twice as much as women. The study found that women saved an average of $3,146, while men saved an average of $7,007.

Meanwhile, 83% of adults said they had a long-term financial goal for 2023. The most commonly reported financial goals were building emergency funds and paying off credit card debt.

Don't put off your savings goals

If you want to save more money this year, make sure you stay on top of your goals. Having an emergency fund can make dealing with unexpected expenses less stressful. It's also good practice to save for future costs so you don't risk accumulating credit card debt.

These five tips may help you find success as you commit to saving.

1. Start now: The longer you put off saving, the longer it will take you to reach your goals. If you hope to save money in 2023, now is the time to start. Set a goal and create a plan.
2. Break your goal into smaller chunks: It may feel more overwhelming to tackle your goals when looking at a large number. It's okay to set a yearly savings goal. But you may want to break that goal down into something more manageable. Setting monthly or quarterly savings goals may feel more achievable.
3. Start budgeting to free up extra money: If you're not monitoring your spending, you may be saving less than you hope. Budgeting apps can take the stress out of budgeting. By reducing your overspending, you may be able to save more money this year.
4. Automate your savings: It can be easy to forget to save when life gets busy. Luckily, you can automate the savings process to eliminate forgetfulness. Setting up automatic transfers from your checking account to your savings account can ensure that you stay committed to your goal.
5. Track your progress: For many people working on important financial goals, it can be helpful to track progress. You may find that you can stay more motivated as you see how well you're doing. Many of the best banking apps have built-in progress reporting tools to help you stay on track.

It's not too late to get started on your 2023 savings goals. Make sure you keep your extra money in a savings account instead of your checking account, as high-yield savings accounts offer an excellent opportunity for savers to earn interest. For additional money management tips, check out our personal finance resources.