The U.S. is currently going through a cost of living crisis, so saving money has become an extremely hot topic. Inflation is making it almost impossible to put away any wages after payday. This means that saving for something like your first home can feel like it’s a million miles away.
Although it’s a difficult task at the moment, it’s fair to say that the art of saving has seen several changes over the past 10 years – with many of them being for the better.
To find out how saving money has changed over the last decade, be sure to read on. You’ll also learn how you can take advantage of the shifts in the landscape if you’re not doing so at the moment.
One of the best changes to saving has come via online shopping. Many stores now have apps that offer exclusive discounts or offers that allow people to save money while still making the purchases they want. This combined with the added convenience means that an estimated 80 percent of the U.S. population will be using ecommerce by 2025.
On top of this, online shopping also allows users to browse various websites and find the cheapest price for the item they want, so they can save extra money this way too.
U.S. citizens now also have a greater knowledge of how to manage their finances and understand what different financial jargon means. One reason for this is the COVID-19 pandemic. This forced people to look more closely at their financial situation with many losing their jobs as their employers looked to cut costs and save their businesses.
This means that people now understand how to build a better credit score and budget better, which is vital to having healthy finances now and in the future.
Rather than physical piggybanks, more banks – mainly digital ones – offer customers the option to separate their money into separate ‘pots’ within the same account. This avoids the inconvenience of setting up and managing multiple accounts.
These money pots encourage better saving habits as people will be able to automatically add to their pots and can see how they develop with time. This can be a key motivating factor in continuing to put money away.
As you can see, saving money has come a long way in a short space of time, which has made it easier than ever to keep on top of your finances. So, while the current economic climate is extremely tough, the capabilities now available to you may just help to keep you afloat during these testing times.