Saving money is crucial for achieving financial goals like buying a house or retiring comfortably. Your personal savings rate, the percentage of disposable income saved, is key to setting achievable financial goals. The U.S. personal savings rate is 4.8%, reflecting Americans’ financial habits and priorities.

Calculating your personal savings rate is simple: divide your savings by your income and multiply by 100. Factors affecting savings rates include inflation, economic conditions, income levels, and life priorities. Starting small, automating savings, building an emergency fund, tracking spending, and paying yourself first can help improve your savings rate.

Read more at Yahoo Finance: What is the personal savings rate in the U.S., and how does yours compare?