Secrets of a Super Saver: Tips to save up to 29% of your yearly income

Secrets of a Super Saver: Tips to save up to 29% of your yearly income

RICHMOND, Va. (WWBT) - With most Americans living paycheck to paycheck, there’s the rare few out there that can really save. They’re called supersavers.

So we are taking a look at the biggest tricks of a so-called supersaver. They usually save 29% of their income or more each year.

To give you some perspective: the average American saves just 6%.

Most supersavers use reward credit cards, but don’t keep a balance on them. They pay them off in full each month - that’s rule number one to avoid high-interest debt.

According to TD Ameritrade, 55% of supersavers max out their retirement savings each year. They set aside all the money they can in those 401K and IRA accounts - that means living on a strict budget each month.

They give every dollar a job and don’t deviate from it.

Side hustles are also common with supersavers. They find any way they can to increase their income from yard sales to selling items on Facebook Marketplace, to being an Uber driver on weekends or online tutoring.

It’s a mindset: save first, spend later.

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