In the years since the Great Recession, we have seen the average savings rates of Americans rise. And that’s a good sign. Savings are a good indicator of the financial well-being of the country. For individuals, saving money means you are spending less than you are making. And that’s the best way to build wealth and prepare for life’s future expenses.

The Simple Dollar has released this very detailed explanation of why savings are important, how they work, and what you need to do to save the kind of money you will need later in life. The article even includes an interactive calculator tool so you can check how your savings stack up. Click here and take a look.

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