You want to save more, but don’t think you make enough. But is earning more moneyreally the answer? You might be surprised to hear that how much you save doesn’thave much to do with your salary. And there’s data to back that up.A study by the Employee Benefit Research Institute and J.P. Morgan sheds light onpeople’s saving habits, and why some folks are successful at it while others aren’t. Itdefined three different levels of savers.THREE DIFFERENT LEVELS OF SAVERSWhat they called low savers managed to put away about 2 to 3% of their salary.The next category, middle savers, banked 5-6% of their income.And high savers were consistently saving about 9% of their salary.So, middle savers put away about 3% more than low savers, and high savers, 3% morethan middle savers.Now, those are savings rates, not income rates. In fact, they have nothing to do withincome. The research showed clearly that people, often with identical incomes, saved atdifferent rates and not necessarily more than folks earning less. Simply put, there’sno link between income and saving.WHAT DOES THIS DATA MEAN?This helps explain what financial author Ron Blue describes as a consumptivelifestyle. That’s when folks who earn more spend more. Instead of banking all or part ofa raise, they tend to increase their lifestyle and spending.It may also explain why savings rates actually went up during the COVID shutdowns. Aspeople saw their income reduced or even just threatened, they cut back on spending tosave more.Of course, the Bible says we should do this all the time because we never know whatthe future may bring. In Proverbs 6 we find, Go to the ant, O sluggard consider herways, and be wise. Without having any chief, officer, or ruler, she prepares her bread insummer and gathers her food in harvest.The message there is that saving isn’t complicated you just can’t be lazy about it. It’seasy to let your spending creep up as you earn more money. It takes discipline toprevent that from happening.BREAK THE GRIP OF A CONSUMPTION LIFESTYLEIf you’ve fallen victim to the consumptive lifestyle, try this: pledge to bank any type offuture increase you receive, whether it’s a raise, a tax refund, or even a gift card. Goahead and use the gift card on budgeted purchases but move an equivalent amount intosavings.And in the meantime, how do you move from being a low saver to a middle saver? Ormiddle to high saver? The research showed that you can get the most bang for yourbuck by concentrating on three key areas.1. Higher savers tended to focus their saving efforts on housing. That includes amortgage or rent, taxes, utilities, and home furnishings. Look for ways to save there.2. See how you can cut spending on food, both eating out and groceries.3. And finally, trim the cost of transportation, which includes vehicle purchases, fuel,and maintenance.Constantly looking for ways to cut costs in those categories could move you into thenext higher bracket of savers, and that 3% increase will have a huge impact over time.The research showed that retirement account balances of middle savers were twice aslarge as those of low savers.The researchers also posed this question to respondents: Would you rather save $150a month, $35 a week, or $5 a day? Four times as many people chose to save $5 a dayrather than $150 a month even though it’s the same amount. And that was consistentacross the various income ranges.The bottom line is that psychologically, it seems easier to give up something that costs$5 a day. Keep that in mind when you’re looking for ways to cut spending. It’s helpful towrite down every penny you spend for at least a month. Three would be better.As you do that, look for small, repeat purchases that you can live without. You’llprobably find that saving $5 a day is pretty easy, just don’t tell yourself that you’reactually saving $150 a month.And if you need help with this, why not download the FaithFi app? It can help you set upyour budget in three different ways, depending on your management style. It will alsotrack your spending and alert you when you go over in a category. You can download itat FaithFI.com or wherever you get your apps.Increasing your savings even by just a little will make a big difference in the long run..On today’s program, Rob also answers listener questions:● Is closing unused credit cards a good idea?● How do you determine when/if it’s wise to surrender an annuity?● Is supporting Christian political candidates and causes an appropriate way totithe?● Is it wise to purchase stocks from an employer at a discount?● What is the best way to use a lump sum of money?Remember, you can call in to ask your questions most days at (800) 525-7000 or emailthem to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org whereyou can connect with a MoneyWise Coach, join the MoneyWise Community, and evendownload the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29