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How much people have in their savings accounts varies drastically from person to person.
- Saving money every month is crucial to reaching important financial milestones and protecting yourself from an unexpected job loss or other emergencies.
- Different savings methods work for different people.
- Here, 10 people reveal how much money they have in savings, and how they did it.
Saving money is important if you want to reach both short-term and long-term financial goals. For example, people are saving for retirement, a vacation, or to build up an emergency fund - or all three.
Saving, of course, is easier said than done.
According to a 2017 GOBankingRates survey, 57% of Americans have less than $1,000 in liquid savings - much less than an unexpected emergency could cost. Northwestern Mutual surveyed 2,003 adults 18 and up and found that 21% of Americans have no retirement savings at all.
Krista Neeley, managing vice president of Appreciation Financial, told Business Insider that a great way to jump-start your short-term savings is to set up your bank account to auto-draft a specific dollar amount from your checking to savings on a specific date, just like you're paying a bill.
For long-term savings, Neeley said that saving in your employer's retirement plan, where you contribute money through a payroll deduction, is a good idea. "The benefit of this is that you can save for the future without even seeing the money leave your bank account," she said.
How much someone has in their savings account is going to vary based on their income, goals, and lifestyle. Here, 10 people reveal how much they have in savings and how they got there. The answers have been edited for length and clarity.