The company surveyed 3,000 Americans

Save more, spend less, reduce debt: Americans unveiled their priorities. Source: shutterstock.com

According to MoneyRates, 38.4% of Americans report creating a budget with a specific savings amount as the primary approach to saving, followed by setting up automatic deposits into savings accounts.

Here’s how Americans ranked their preferred financial goals:

• Save more – 20.8%
• Spend less – 19.9%
• Reduce debt – 18.8%

In fact, early 55% say they hope to pare down how much they owe in the year to come. Respondents say they plan to minimize discretionary spending and bump up monthly payments as a strategy to climb out of debt.

As far as how people plan to achieve their savings goal, those with this resolution have the following strategies in mind:

• Create a budget with a specific savings amount – 38.4%
• Set up automatic deposits into savings – 12.2%
• Save and deposit spare change – 8.3%
• Obtain a second job or income stream – 8%
• Sell belongings – 2.6%
• Participate in an automatic savings plan/round-up program – 2.4%

We’ve reported that 54% of Brits are determined to start managing money better, rising to two-thirds of 25-34 year old.

SEE ALSO:

• How to develop healthy spending habits: the best ways to save up
• Most prosperous currencies of 2020
• How to return a purchase