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Americans feeling better about money

By David McMillin · Bankrate.com
Monday, June 2, 2014
Posted: 6 am ET

© Cheryl Savan/Shutterstock.comMore Americans are leaving the blues of the recession behind. A recent Gallup poll of more than 1,000 adults shows that 48 percent of Americans rank their personal finance situations as "excellent" or "good." That's the highest number since the bottom fell out of the financial markets in 2008.

So, are Americans making more money? Not necessarily. A separate Gallup poll shows that more consumers are simply shifting attention away from spending to focus on increasing the balances in their savings accounts. In fact, 62 percent of Americans enjoy saving money more than spending it. If you do not fall into that category, Erin Constantine, head of Wells Fargo Consumer Checking, Savings and Segments for the Deposit Products Group, highlights the importance of establishing a routine for building your savings account.

"One of the most successful ways to save money is to make it a habit," Constantine says. "Find a bank that is going to help you set up a recurring automatic transfer from your checking to your savings account. Paying yourself first by saving a portion of your income before it gets into your checking account is a wise way to save money."

"You might be surprised how easy it is to build up a balance by making regular deposits," Constantine says.

Those regular deposits don't always have to be in big chunks at the end of each month, either. While many account holders decide to schedule their transfers in larger amounts, Constantine says that Wells Fargo also offers a daily automatic transfer option. Rather than seeing $100 of your paycheck disappear to your savings, the option feels more like putting loose change in a jar.

No matter how you decide to save, Constantine says the first step is the most important one to take.

"Find an option that is going to work for you, and get going," Constantine says.

How do you feel about the current state of your personal finances? If you're still having trouble putting money away, check out "5 steps to boost your savings account."

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