ACCC Explains How To Save In A Rapid-Spending Era

ACCC provides further knowledge of tactics that can help consumers save money

Boston, MA – June 21, 2018

Money Saving TipsNo matter the age, it is always important to find the most beneficial ways to save money. Saving over the long term helps prepare for any desired purchases, unexpected events, emergencies, or retirement. Putting aside a little money at a time creates a consistent flow of savings while still allowing room for other purchases. Despite the acknowledgment that it is extremely important to save, it has become increasingly less popular for people to put aside part of their income, and even if people are saving, they are not saving enough. To help consumers, national nonprofit American Consumer Credit Counseling (ACCC) provides four tips on how individuals can efficiently put aside and maximize their savings in today’s financially risky landscape.

“Saving money not only allows individuals to feel more financially stable, but it prepares them for unexpected expenses with the ready cash needed to pay off expenses,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling. “When initially starting to save money, the first few steps are often the most difficult. However, once a developed saving strategy is implemented correctly, it is possible for anyone to turn their financial life around.”

According to the Atlantic, about half of American adults are “financially fragile” and “living very close to the financial edge.” A new survey by Bankrate found that even with the low unemployment rate, Americans still aren’t saving enough. The survey found that 20 percent of Americans don’t save any of their annual income. Only 16 percent of respondents say they save more than 15 percent of their annual income. In a similar survey by GoBankingRates, more than 40 percent of Americans have less than $10,000 saved for retirement.

ACCC provides four savings tips for consumers looking to start saving efficiently.

  1. Follow the 30-Day Rule Plan – Avoiding instant gratification is challenging, but it generally results in mass amounts of personal savings. By waiting 30 days to decide on a purchase, one has time to consider if this expense would be better invested into saving for the future. More often than not, after these 30 days, the urge to buy has decreased.
  2. Limited Unnecessary Use of Energy – Even if it may not be apparent, keeping on the lights, letting the water run, and watching large amounts of TV adds up quickly on one’s bills over time. These costs can be reduced by making stronger efforts to turn off the lights when not in use, switching to energy-efficient light bulbs, turning off the water in between washing items, and reducing the amount of TV watched.
  3. Putting Down the Credit Card – Credit cards make spending easy. To avoid spending copious amounts only to be met with multiple bills, and no money to put into savings, make a list of the “needs” in your life. These needs may include groceries and utility bills, and then calculate how much this should cost per week. Next, take out that amount in cash. Only allow for this money to be used on the items listed. By putting aside the money needed to pay for the “needs” in life, the amount of money that could be put into a savings account becomes more evident. By setting these goals, new habits will form around the use of credit cards. Lastly, remove any credit card numbers from online accounts. If it is out of sight, it is out of mind.
  4. Creating a Realistic Budget and Committing to Invest – When budgeting, it is crucial to create a plan based around net income rather than gross income. Net income is the amount of money made after taxes. The 50/30/20 rule is a reasonable budget plan that, if followed correctly, provides a constant stream of savings from one’s net income. The rule states that no more than 50 percent of net income should be spent on needs; no more than 30 percent should be spent on wants, and 20 percent should be saved. Twenty percent may initially seem like a massive portion of the initial net income, but by properly investing and saving this amount, the outcome in return will be rewarding.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, and student loan counseling call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit