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shutterstock_583078225Developing a savings habit can be difficult, especially with wages that aren’t meeting rising expenses and young adults lacking financial knowledge.

According to the 2016 annual America Saves Week survey that analyzes household savings, only 43% have automatic savings outside of work, and two out of every five U.S. households report good or excellent progress in meeting their savings needs.

To improve these statistics and motivate savings, consumers should focus on daily savings. Here are some tips to help Massachusetts consumers develop healthy savings habits:

  • Make your savings automatic – It’s hard to put money aside for your savings account. This can be made easier if you set up an automatic savings account, which will deposit a fixed amount of money without ever missing it.
  • Save a portion of your tax refund – This can be a big step towards meeting your savings goals. Split a portion of your tax refund into savings.
  • Start cutting down spending and trim your expenses – Determine between a purchase that is necessary and a purchase that is just wanted. Pay off high-interest debts to cut spending.

For more information and tips that can help you save money, visit the Division of Banks Consumer Money Matters website.  From tips for choosing a bank or credit union that is right for you to preparing for home ownership, the DOB has information and resources to help you plan your financial future.

If you have additional questions, contact the Office of Consumer Affairs and Business Regulation by calling our Consumer Hotline at (617) 973-8787, or toll-free in MA at (888) 283-3757, Monday through Friday, from 9 am-4:30 pm. Follow the Office on Facebook and Twitter, @Mass_Consumer. The Baker-Polito Administration’s Office of Consumer Affairs and Business Regulation along with its five agencies work together to achieve two goals: to protect and empower consumers through advocacy and education, and to ensure a fair playing field for all Massachusetts businesses. The Office also oversees the state’s Lemon Laws, data breach reporting, Home Improvement Contractor Program and the state’s Do Not Call Registry.

 

 

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