Try to save more money than you think you will need

Americans have long been lousy savers. In recent years, our savings rate, or the average percentage of income set aside, dipped below zero as families took on debt to spend more than they earned. Since the financial collapse, our savings rate has notched up to a respectable 5 percent or so. But that frugality has actually been counterproductive for the economy, since—to misquote Ben Franklin—a penny saved is a penny unspent, and the economy needs more consumer spending, not less, to get rolling again. In Ramp up your savings, we offer detailed advice on how to save more. For now, let's just say that you should make saving a part of your lifestyle, not a fad or a one-time project. "For the last two generations we started thinking we can afford something based on what the monthly payment is—and that's dangerous," says Tim Maurer, a certified financial planner with The Financial Consulate, a money management firm in Baltimore. "Take on debt only for assets that can grow in value, not for depreciating assets like a big-screen TV or a car."