Bureau of Economic Analysis has found Americans are lately saving less as they are clearly having trouble stashing away money. Below are some tips how to avoid such habit. Just have a look.

The first and foremost tip is to follow the famous 50/15/5 rule. It means spend up to 50 percent of your take-home income on essential expenses like transportation, housing and food. Split the rest in 15, 5 and 30 percentages. Spend 15 percent of the income for retirement and 5 percent for emergencies. Now you are left with 30 percent of the salary and here you get the freedom to spend the part as you wish.

Some also call it as the 50/30/20 rule and this mean spending 50 percent on essential expenses, 30 percent on other expenses and the remaining 20 percent in savings without specifying between retirement and an emergency fund.

You may find the rule challenging as many like you argue that keeping essential expenses to just half of the salary is really tough. suggests more than fifty ways to save money and one important one is to purchase items in terms of hours worked and not in terms of dollars spent.

Sponsored by the Consumer Federation of America, the educative platform further adds to stick to water instead of expensive drinks while dining at restaurants, categorize one day of a week as no-spend day and set up automatic savings payroll deductions.