According to this article, “the federal government reported that the U.S. personal savings rate jumped to 3.6% in December”. Apparently the savings rate has been zero or close to it for years. Could it be that something good will come out of this economic crisis? Will we become like the generation that lived through the depression and become a nation of savers and thrifters again? And when the economy turns around will the savings rates continue or will Americans go back to their spendthrift ways? Hopefully we have all learned a valuable lesson that we need to be prepared for job losses, health issues, leaky roofs, squeaky brakes, junior’s braces, retirement, and on and on….
AmericaSaves.org is sponsoring the America Saves Week which runs from Feb 22 – March 1, 2009. I have never heard of this promotion, but I think it is a great idea to encourage savings among Americans. This site offers strategies and tips for saving money. It also offers a free e-wealth coach email.
How will you celebrate America Saves Week? I am going to open savings accounts for my girls and commit to teach them the value of saving money and living within our means.