As of Q3 2024, Americans are carrying a staggering $1.16 trillion in credit card debt—an 8.6% increase from the previous year and a new all-time high, according to recent market reports. The average individual balance has also climbed, rising 3.5% to $6,730.
While inflation and rising living costs have contributed to this trend, it’s clear that many households are increasingly relying on credit to get by. As balances grow, so does the risk of falling into long-term debt—especially with today’s high interest rates. If you’re feeling the pressure or just want to stay financially prepared, now’s the time to get back to the basics.
And yes, that includes the humble piggy bank.
In fact, Bustle recently highlighted this exact concept in their article “Bring Back Piggy Banks,” where they featured TomoBoost as a modern way to rebuild that classic saving habit. Just like dropping spare change into a jar, TomoBoost helps users build a positive payment history while putting money aside—automatically. It’s a digital nod to the timeless power of consistent saving.
You don’t need a fancy spreadsheet or a finance degree to start making progress. Focus on building an emergency fund—just a few hundred dollars in a dedicated account can help you avoid reaching for your credit card during a tough moment. The goal is to eventually cover 3–6 months of essential expenses, but every bit counts.
Try using the 70-20-10 rule as a simple budgeting guide: 70% of your income goes to living expenses, 20% to savings (including that emergency fund or a digital piggy bank like TomoBoost), and 10% toward paying down debt or giving back. It’s a structure that helps balance your immediate needs with long-term goals.
While you’re building those financial muscles, don’t forget about your credit score. Paying bills on time, keeping your credit utilization low, and limiting new credit inquiries are all habits that can boost your score over time. A stronger score not only helps with loan approvals but could also mean lower interest rates when you need them most.
Credit card debt may be climbing, but that doesn’t mean you have to go with it. With the right tools, a bit of discipline, and yes—even a modern-day piggy bank—you can build financial confidence and stay ready for whatever comes next.