October 12 is National Savings day, and this year some Americans were able to save more
Today October 12, is a national savings day, and during the Covid-19 pandemic, some Americans were able to save more money this year than ever before”.
“So the savings trends has been really interesting,” said Jonathan Jones, Financial Counselor.
According to Jonathan Jones, a financial counselor at Leaders Credit Union, they saw a difference in their members’ savings habits
“We also saw some people become motivated to change up how they were approaching savings, in preparation for something like a pandemic or any other challenge in life that comes up,” said Jones.
In a recent article from the Boston Globe titled “Americans are finally saving money, but at the wrong time,” mentions that some us citizens stashed a little more cash than normal because they stayed home more. Even though it may not benefit the economy, it will help individuals for a rainy day.
“So anything that helps you be able to spend wisely and spend well is a good first step to saving,” said Jones
Today, the household savings rate in the U.S is a little over 14 percent, and historically for this country, that is a high level.
Polly Brasher is a certified public accountant in Jackson and shares a few tips on how to stack your coins.
“Be careful with credit cards, we all have a tendency, if we see something we want, we slip out the credit card,” said Brasher.
She adds that budgeting is a good trait to have as well.
“Just have yourself a budget, so you can realize, hey maybe I need to eat at home this week because I’m spending too much money going out to eat,” said Brasher.