Coloradans save less on average

By: Alex Hambrick Email
By: Alex Hambrick Email

Coloradans ranked low according to a recent report from Pitney Bowes Software. The report says Coloradans save around $5300 dollars on average, which is $700 dollars less than the national average.

Local financial advisor Mike Berry said, everyone is saving less these days but living in a state with an abundance of expensive activities can weigh heavy on your wallet.

"We live in a state with skiing, mountain biking and other extreme sports, I think a lot of times its easy to spend money," said Berry.

However, Berry says its important to get in the habit of saving now.

"Like anything else, its no different from smoking and some of those bad habits, but its a good habit and it takes a discipline to get into it," said Berry.

Another local advisor Larry Jones recommends saving around 10 percent of your annual salary. He suggests varying investments, putting some money in a low risk savings account but says its also important to take risks.

"Savings accounts are earning less than a 1/2 a percent and inflation is at two or three percent and you are actually ending up with a negative return on your investment," says Jones.

Both advisors say it is important to make sure the whole family is on board to save.

In addition to saving 10 percent of your earnings, Jones suggests putting away 90 days worth of living expenses.
The money saved in advance can be used in an emergency rather than putting the expense on a credit card.

Jones and Berry both agree that at the very least pay yourself first.

"You worked hard for the money so you deserve to keep some of it, that's the way I look at it," said Berry.

"Its scary but you need to have a long term goal and stick with it," said Jones.

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