Nearly half of Americans earning more than $100K now report living paycheck to paycheck — here's why your savings are more important now than ever

Make budget cuts by finding better insurance rates

More than half of respondents in the PYMNTS study noted increases in their monthly bills, and many said that it was impacting their ability to save for short-term goals.

It’s not uncommon for people to take what they’re given when it comes to insurance rates, but with the increase in the cost of living, it’s important to really evaluate your spending.

SmartFinancial is a platform where you can compare the best insurance rates in your area for your home and BestMoney.com lets you do the same for your car.

All you need to do is answer some quick questions about yourself and they’ll instantly sort through over 200 insurers to find you the best deals available and any discounts.

Your budget is tight enough already, don’t let overpriced insurance limit your ability to put cash away for savings.

Kiss your credit card debt goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

Tackle your credit card debt

Making sure you’re on top of your credit card payments can be stressful, especially since many Americans are relying heavily on their credit cards due to their paycheck to paycheck lifestyle.

The PYMNTS study indicates that 24% of those living paycheck to paycheck cite that paying off debt is their most important long-term financial goal. But, it’s a daunting task given current financial circumstances.

Luckily with Tally — a free credit management app — this task becomes a lot simpler.

Start by linking your credit cards to your Tally account when you sign up and they will provide you with a personalized payoff strategy and a custom line of credit at a low APR.

From that point, they’ll track your billing schedules, due dates and minimum payments for you. All you have to do is pay Tally once a month and they’ll take it from there.

Turn spare change into savings

In New York Life’s Wealth Watch Survey, respondents said they dipped into their savings just to cover their basic everyday expenses — taking out an average $616.73.

While inflation may leave you with less money for saving, it’s still important to prioritize it, even if in small amounts.

With Acorns — a saving and investing platform — you can turn spare change into savings. The chances of a few dollars getting lost amidst paying your expenses each month is likely, but Acorns makes it so that every coin you have counts.

All you have to do is link your bank account and spend as you normally would and Acorns will round up your everyday purchases to the nearest dollar and put that spare change into a smart investment portfolio that suits your financial goals.

Signing up for Acorns takes less than five minutes, and you can start saving for just $3 a month. In times like these, not a single cent should go to waste.