Savings Rates on the rise–Interesting Fun Fact

Reading the Motley Fool, I found an article about the Chinese savings rate (see below for the link to the full article)….they save 25% of their take home pay. Oh my, that is impressive, and believe it or not, we Americans were also once there…..during WWII, at 26%. In the article it cited that since 1982 the American savings rate has been decreasing steadily, with the savings rate actually going negative in 2006….yikes! The good news with this economic environment, for the last quarter it has climbed to 5%.

Can you beat that 5% national average, probably? A good GOAL would be to calculate what is doable today, then every month raise it 1%, see how high you can go before you just can’t go higher. That is an excellent way to start that emergency fund, if you haven’t already got one, that we should all have during these tight times. You can easily do this through payroll deduction it going to a separate account or transfer funds as every paycheck comes in.

http://www.fool.com/personal-finance/saving/2009/09/02/can-we-save-as-much-as-the-chinese.aspx

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~ by debt2dreams on September 3, 2009.

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