The New Saver’s Mentality
If this recession has done one good thing, and infused one nugget of irrefutable wisdom into people who formerly were big time spenders who never looked at price tags and foresaked a potential gorwing life savings in pursuit of material products, services and high faluting lifestyles, then that is good for those people who really didn’t think about saving for the future or the true value of money and the fleeting nature of the material goods it can buy. People like this have been changing their ways since the recession for one simple reason.
They really had to do it not only to survive, but as a wake up call that millions of retirees lost billions of dollars in the financial crash, and they they too could have that happen, and what if they had nothing to fall back on when they were older and retired? This idea literally scared sense into millions of people, and the reports are showing that more and more Americans are turning to saving their money.
Savings has been at a multi year high lately as more people turn to putting their money away in safe places and giving up expenditures they no longer find are a necessity. People old and young have really re-prioritized their money, and this has lead to an all time savings high, and investing high that cannot be matched except for in times of learning the real value of money and security.
Now, with the new year, financial planners and stategists have had even more people coming to them for their “New Year’s Resolution” to help them save more money and perhaps more strategically plan to build it more effectively over the crucial years before their impending retirement. Not only retirement, but many people are now interested in things like emergency savings accounts for when things are a little tight or when things go awry again in the financial markets as a sort of “just in case” measure.
Also, more and more citizens are trying to cut costs where they can. People are doing things like cutting out all the unnecessary cable channels on their cable subscription, taking a hiatus from the gym and gym fees and working out at home or finding other creative ways to get their exercise in for virtually free. They are also looking at ways to scale back on insurance premiums, any monthly bills by cutting down heating costs and water costs for example, or looking for competitive prices on services like that.
One of my savings things has been to make sure my paid off car stays in great shape, so I take it in for preventive maintenance, because after all, that’s much cheaper than a monthly care payment. Where have you cut back on your budget?
