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    News and Articles on Personal Savings

    Archives: Personal Savings

    PERSONAL SAVINGS RATE RISE = VOODOO ECONOMICS  Jul 2, 2009
    The most recent report that came out a few weeks ago showed that the personal savings rate in May had jumped to 6. 9 percent compared with 5. (New York Post -- Business)

    James Howard Kunstler on Michael Jackson as America  Jul 2, 2009
    Look at the personal savings rate in America in first quarter 2008 ... Look at the collective USA personal savings rate in 2009 ... "In May 2009, the personal savings rate hit 6.9% just surpassing the 50-year average of 6.83%.". (Harper's Magazine)

    The Jackson factor  Jun 30, 2009
    The rise in the US personal savings rate is thus not likely to have been sufficient to generate a NET increase in stock market allocations this year. At least, not by itself. (Asia Times Online)

    JSE gains muted by strong rand  Jun 30, 2009
    Online Edition Powered By IOL. DisplayAds('SkyLEFT',17,). (Business Report, South Africa)

    Tough Times: Saving money is making a comeback  Jun 30, 2009
    And one very strong component of that is personal savings and building up your assets so that you have a rainy-day fund, said Andy Frokjer, a spokesman for Rabobank, which has a large presence in the Imperial Valley. Unfortunately it took tough times to discover that for a lot of people, he said. (El Centro Imperial Valley Press, CA)

    Government Stimulates Savings More Than Spending  Jun 28, 2009
    The personal savings rate, which was hovering near zero in early 2008, soared to 6. 9 percent in May. (KCRA 3, CA)

    Oil prices fall on weak US spending data  Jun 27, 2009
    The data showed the personal savings rate shot up to a 16-year high, indicating consumers were wary of spending amid rising unemployment and plummeting home values. The report particularly weighed on markets because consumer spending accounts for two-thirds of US economic activity and is considered key to recovery from the severe recession that began in December 2007. (Sydney Morning Herald -- Business)

    Weak economy will zap holiday trips, AAA says  Jun 26, 2009
    Americans' personal savings rate zoomed to 5. 7 percent in April, the highest since 1995. (Yahoo News)

    Baker offers recipe for success  Jun 25, 2009
    So, with her personal savings and a small business loan from , Matos launched her bakery in July 2007. Most people don t know they have a choice, Matos says. (San Antonio Business Journal, TX)

    Coaches in the crossfire  Jun 25, 2009
    For many, like Margaret Cash, who retired last year as a science teacher at Snowden International School and remains the school s girls volleyball coach, it means investing extra hours and personal savings in their student athletes. Cash estimated she has spent about $5,000 a year on her students. (Boston Globe)

    Ill-equipped to compete  Jun 24, 2009
    Many coaches try to make do by dipping into their personal savings, organizing fund-raising drives, or asking students to solicit spare change. We can't run teams on what the city gives us,'' said Robert Anthony, who coaches hockey at East Boston and has spent thousands of his own dollars on equipment, facility upgrades, and ice time. (Boston Globe)

    Have you practiced saving money today?  Jun 23, 2009
    I wonder, says Kathy Sweedler, University of Illinois Extension educator, what the long-term effect of the recession will be on personal savings. I believe that practicing saving money makes us better savers, explains Sweedler. (Mattoon Journal-Gazette, IL)

    Wash. treasury to see further revenue decrease  Jun 19, 2009
    With personal savings levels at 20-year highs and the credit markets loosening, consumers who sat on the sidelines thorough the 2008 holidays are likely to regain some confidence and inject money into the economy, Raha said. "Don't underestimate the power of Madison Avenue to take your money away from you," he said. (Longview Daily News, WA)

    10 things to buy before the economy improves  Jun 19, 2009
    Personal savings in 2008 were nearly six times greater than in 2005, amounting to $191 billion or 1. 8% of the nation's disposable income. (MSNBC -- Business)

    Impulse Buys: Why You Can't Resist  Jun 18, 2009
    The recession, to be sure, has turned more Americans into penny-pinchers: in April, the country's personal savings rate rose to 5. 7 percent, the highest since 1995. (ABC News -- Business)

    To shop, or not to shop?  Jun 18, 2009
    The personal savings rate in the US has reached 5. 7 percent the highest since 1995. (Yahoo News)

    Billion-dollar bond smuggling saga blows up  Jun 16, 2009
    According to the Bureau of Economic Analysis, the personal savings rate is now at a 14 year high of 5. 7 percent. (Salon)

    A shift in home economics  Jun 16, 2009
    That, coupled with concerns about possible job losses in the recession, is pushing the personal savings rate back up from historic lows 4 percent of disposable income this year, versus a level near zero in the first quarter of 2008. Are people easing their debt burdens. (Christian Science Monitor -- USA)

    Many analysts expect May retail sales to drop  Jun 3, 2009
    In fact, The Commerce Department reported Monday that Americans' personal savings rate jumped to 5. 7% in April, the highest since February 1995. (USA Today -- Money)

    Are Shoppers Fed Up with the Recession?  Jun 2, 2009
    " This week, she'll start a part-time tutoring job to make some cash on the side. "Bottom line, you just have to keep living your life," she says. Liebmann is quick to stress that her data and stories like Calleja's don't predict a recovery. "It's just a lesser negative," she says. Job anxiety remains a powerful brake on consumer spending. Unemployment is high 8.6% and the WSL respondents are worried: last year, 20% said they were concerned that they or someone in their family might lose a job.... (Time.com)

    Refinance Monthly Mortgage- Reduce ...  Jun 2, 2009
    Your personal savings rate (percentage of income). Your personal federal and state tax rate (the combined percentage). (Suite101.com)

    Save the economy, not money  May 30, 2009
    Total personal savings jumped from $20 billion in the first quarter of 2008 to a whopping $453 billion during the same period of 2009. The real danger, however, is if the savings rate goes to 7 or 8 percent. (Albany Times Union)

    Recession seen ending in '09; then economists see uneven ride  May 28, 2009
    Americans' personal savings rate edged up to 4. 2% in March, marking the first time in a decade that the savings rate has been above 4% for three straight months. (USA Today -- Money)

    Here's good news about your net worth  May 28, 2009
    While it has not declined 30 to 40 percent in value over the past year like many people's personal savings, it still faces major threats. The financial downswing creates new pressures to balance state and local government budgets by hacking away at critical services and programs. (San Francisco Chronicle -- Science)

    Pimco New Normal of 2% GDP as Jobless Growth Coincides With Bullish Biggs  May 27, 2009
    The personal savings rate, which averaged 0. 9 percent from 2004 through 2007, has climbed to 4. (Bloomberg)

    Can America's Urban Food Deserts Bloom?  May 27, 2009
    As he built his personal savings and a base of industry contacts, he noticed the growth of stores like Trader Joe's and Whole Foods in Chicago and its suburbs. "This should be on the South Side," he recalls thinking. (Time.com)

    Downturn finds nervous workers going into business for themselves  May 24, 2009
    After some heavy soul searching, Heinz made the leap and quit her job last September; mostly funding the franchise with their personal savings. We kept saying, Are we doing the right thing. (Helena Independent Record)

    Promoters roll the dice to book quality musicians  May 22, 2009
    In the short term, though, the money is coming from his personal savings. He and his wife are schoolteachers and parents of three children. (Fresno Bee)

    SBA loans help entrepreneurs launch varied local businesses  May 19, 2009
    Then he took out $300,000 in personal savings to pay franchise fees and build a kitchen in the food court of the Royal Hawaiian Center in Waikiki. The SBA approved his loan amount of $291,600 in May 2008, five months after he submitted his application and well after construction began on the 650-square-foot space. (Pacific Business News, HI)

    Are You Ready to Make Real Money?  May 15, 2009
    India has a younger workforce; Chile a large budget surplus and abundant natural resources; China a massive population with significant personal savings; and Brazil and Peru growing resource economies that are developing stronger and stronger ties with China. Thus, these countries can hold up to some degree even as the U.S. falters, though complete decoupling is unlikely. (MSNBC -- Business)

    Letter: URD for Corvallis is like having money in the bank (May 15)  May 15, 2009
    The urban renewal district is equivalent to a personal savings account. It is as if you had your yearly cost of living increases automatically put into an account for savings. (Corvallis Gazette Times, OR)

    Bouncing biz  May 11, 2009
    After some "heavy soul searching," Heinz made the leap and quit her job last September; mostly funding the franchise with the couple's personal savings. "We kept saying, 'Are we doing the right thing?''" she said. (The Palm Beach Post)

    NUMBER OF UNEMPLOYED GETTING BENEFITS CLIMBS TO RECORD...  May 8, 2009
    The Commerce Department last week said the personal savings rate edged up to 4. 2 percent in March, marking the first time in a decade that the savings rate has been above 4 percent for three straight months. (The Drudge Report)

    Consumer credit falls at fastest pace in 18 years  May 8, 2009
    The Commerce Department last week said that the personal savings rate edged up to 4. 2% in March, marking the first time in a decade that the savings rate has been above 4% for three straight months. (USA Today -- Money)

    How Right Was Reagan?  May 7, 2009
    Nevertheless, 30 years later, in an America where the government and the media report a higher rate of personal savings and lower consumer credit-card debt as bad news, where patriotism has become defined in terms of getting and spending, where populist ideology threatens to wipe out property rights, and where Wilsonianism endures as the prevailing orthodoxy in foreign policy, we need to think beyond both Carter and Reagan. We need to ask perhaps the most conservative question of all: What kind... (The American Conservative)

    Retirement plans washed away by economic tide  May 4, 2009
    Meagher s personal savings and retirement accounts took a hit during the stock market downturn, forcing the Grover Heights Elementary School teacher like so many other educators to delay her classroom exit ... To flesh out her pension, Meagher faithfully poured money into her personal savings, which primarily consisted of numerous stocks and an annuity ... Even with her personal savings ravaged, Meagher still might have retired along her original timeline if certain laws did not prevent her from... (Lompoc Record, CA)

    Mary and Fred feel pinch, too  May 4, 2009
    1 million kroner - a cost that will have to come out of Frederik's "personal savings". The figures were in the annual report of the Danish royal court published on Friday. (Sydney Morning Herald -- Australia)

    Letter: Yet another view of Twin Bridges school board  May 2, 2009
    dgsma wrote on May 1, 2009 3:58 PM:" "Let it go"? Citizens unable to be heard, a superintendent who uses district funds as his personal savings and loan, not to mention behavioral issues and declining morale among teachers and staff? Sorry, but not letting it go is the only way to keep the district from being hijacked again. ". meanmom wrote on May 1, 2009 8:56 AM:" When it comes to complaints against our excellent teaching staff and administration, the speaker is required to follow simple... (Montana Standard, MT)

    Newsweek: The battle to educate girls in Afghanistan  May 2, 2009
    After her own hopes of being a gynecologist were dashed because the forced her Afghan-run university in Pakistan to close, pooled her personal savings with that of a few other women, founding the only girl's school in Godah. Since then the system has expanded, and her organization, the Oruj Learning Center, has started five more, though not without difficulty. (MSNBC -- International)

    China and the worldshare the pain  May 1, 2009
    Also, personal savings in China have reached over $3 trillion, which offers an economic foundation for well-to-do Chinese travelers to see other nations. The strengthening yuan is also a positive factor. (Asia Times Online)

    U.S. consumer spending falls in March  May 1, 2009
    After-tax incomes were flat in March, leaving the personal savings rate at 4. 2 percent, an improvement from a year ago when the rate was near zero. (MSNBC -- Business)

    Jobless claims, consumer spending dip  May 1, 2009
    The personal savings rate rose to 4. 2 percent from 4 percent in February. (MSNBC -- Business)

    Five Tips for Retirement Planning in a Challenging Economy  Apr 19, 2009
    Make the most of your personal savings. Despite the uncertain economy, remain calm. (Ontario Argus Observer, OR)

    Walker: Why your taxes could double  Apr 17, 2009
    Personal savings, while experiencing an uptick lately because of the recession, have been too low for too long. As a result, when our government has to borrow money, it must increasingly turn to lenders overseas. Effectively addressing these issues will require tough choices and comprehensive reforms, including , changes to our entitlement programs, reductions in health care costs, other spending cuts, and yes, tax increases. (CNN -- US)

    Boomers Go Long, But are they Falling Short?  Apr 15, 2009
    Staying mentally active is of secondary importance, but money is by far the top concern. In some cases, Boomers may discover they need to work fewer years than anticipated to realistically meet their retirement goals. (Canada Newswire)

    Averting depression as the US consumer fades  Apr 14, 2009
    The personal savings rate has risen from 0. 8% to 4. (The Star Online, Malaysia -- Business)

    Acacia Builders open for business  Apr 14, 2009
    Personal savings and a business line of credit with. What was your start-up cost. (Nashville Business Journal, TN)

    Sweet enterprise: Recession good for treat sales  Apr 13, 2009
    She spent several months preparing a business plan and experimenting with recipes before investing $50,000 in startup costs using personal savings and a credit card. Her initial marketing involved word-of-mouth or chocolate-to-mouth and cold calls in which she would deliver samples for potential clients. (Milwaukee Business Journal, WI)

    HINGHAM COMMENTARY: Civil discourse, mutual respect  Apr 10, 2009
    Over the past year, most people have had personal savings reduced by 30-40 percent, many have had their incomes reduced because of economic conditions, some have lost jobs, and all have seen increased fees, taxes, and energy costs. Increases in federal and state taxes and fees are expected and will further erode most families purchasing power. (Hingham Journal, MA)

    COLUMN: Americas consumer pigs need a different diet  Apr 10, 2009
    So, while countries like China and some of our European Union friends have been blaming us for borrowing too much, they ve been perfectly willing to fatten their own personal savings rates and their own trade surpluses on the backs of U.S. consumers. And we consumers were all too willing to take on debt and keep the rest of the world working. (Marblehead Reporter, MA)

    Planning for retirement  Apr 4, 2009
    Loke advises that instead of relying solely on ones EPF and personal savings, Malaysians should consider early financial planning, which would save them the stress of dealing with insufficient retirement funds or seeking prolonged employment to ensure financial stability. We could plan ahead with investment-linked insurance plans to counter the effects of inflation. (The Star Online, Malaysia -- Business)

    Meltdown 101: Rising Savings Could Slow Recovery  Mar 29, 2009
    The personal savings rate, which was hovering near zero just a year ago, is now at the highest level in more than a decade as a severe recession causes Americans to tighten their belts ... The Commerce Department reported Friday that the personal savings rate stood at 4 ... Q: What is the personal savings rate. (ABC News -- Wire)

    OUR VIEW: Consumers signs of spring  Mar 28, 2009
    The same story reported Americans rate of personal savings remained higher than 4 percent of after-tax income. Februarys figures mark only the second time in more than a decade that has been achieved. (Gaylord Herald Times, MI)

    Consumer Spending Up for 2nd Month  Mar 28, 2009
    With incomes down while spending rose, the personal savings rate dipped slightly to 4. 2 percent in February, compared to 4. (Time.com)

    Consumer Spending up, but Income Sags on Job Cuts  Mar 28, 2009
    Consumer belt-tightening has caused the personal savings rate, which was hovering near zero a year ago, to jump sharply. It stood at 4. (ABC News -- Wire)

    Stormy waters call for a tightly run ship  Mar 27, 2009
    New economic reality means Canadian families need to create their own stimulus package, experts say. From Thursday's Globe and Mail. (Globe and Mail)

    Record decline hits Irish economy  Mar 27, 2009
    But he is remaining positive believing the decline in sales is "indicative of the flexibility of Irish society and their willingness to drive down debt and increase their personal savings". Bookmark with. (BBC News -- Europe)

    Barack Obama's Top 5 Bart Simpson Moments  Mar 26, 2009
    Location: MN Reply # 2 Date: Mar 25, 2009 - 3:45 PM EST Back to #2 Fla Dem So why did President Bush get stonewalled by a minority house and senate unless it was one of their pet projects promised for years,such as prescription drugs, education and immigration reform, even personal savings accounts were a democrat idea, I seem to remember reading an article that President Bush was counciled by Democratic senator Patrick Moynihan from New York , Hillary Clinton's predessor. Than there is our... (Townhall.com)

    Seven youths charged with stealing $10,000  Mar 25, 2009
    Inside the home, Gill went into a locked room and located an envelope that contained the resident s personal savings, Nelson said. All four females with the envelope returned to the van, which was parked down the street in a lot. (Utica NY Obserer, NY)

    Tax code escalates as Democrats' power tool  Mar 23, 2009
    The personal savings of many small investors were wiped out. The Internal Revenue Service announced last week that the tax agency had issued two rulings intended to soften the losses for the thousands of individual and institutional investors taken in by financial scams, such as the $64 billion scheme operated by Madoff. (Insight on the News)

    The flight to safety are they still safe?  Mar 21, 2009
    The flight to safety are they still safe (The Star Online, Malaysia -- Business)

    Sen. Shaheen invites local business owner to share story, ideas  Mar 19, 2009
    Historically, if funding dries up for a small business owner, theyve relied on their own personal savings, but for many people who have invested in the stock market, thats been depleted as well. . (Seacoast New Hampshire)

    Congratulations on another good seasonBut lets work on strengthening bonds between OIT, community  Mar 18, 2009
    Economic forces that even economists don t understand have devastated personal savings and wiped out millions of jobs. Trillions of dollars of value have disappeared. (Klamath Falls Herald & News, OR)

    U.S. imports and exports decline in January  Mar 16, 2009
    Joshua Shapiro, chief U.S. economist at the research company MFR, said that the gap between imports and exports was likely to narrow even further as the United States weathers a prolonged economic decline, and Americans increase their rate of personal savings and pare their spending. "It will not represent good news to trading partners who have much spare capacity that had been used to produce mountains of products for the U.S. consumer," Shapiro said in a note. (International Herald Tribune -- Business)

    Rainy-day savings time  Mar 15, 2009
    Although we can t speak to specific percentages for personal savings rates, we are definitely seeing an increase in deposits, Johnson said. In terms of general trends, people in the local area seem to be saving more, spending less, and paying down debt. (Helena Independent Record)

    A leaner budget on the way for 2010  Mar 13, 2009
    However, just as you have to be prudent with your personal savings, the city must use rainy day funds responsibly so that we maintain savings for the future. The use of reserve funds will be supplemented with one-time funding from the federal Recovery Act to further bridge the FY 2010 budget gap. (Rsolindale Parkway Transcript, MA)

    How to lie about cap-and-trade  Mar 13, 2009
    Do you remember, back in early 2006, when we learned that the personal savings rate for Americans had turned negative in 2005, for the first time since the Great Depression, how the news was dismissed by some optimists as misleading, because the net worth of Americans -- as represented by their homes and stock portfolios -- was steadily appreciating ... But last year's low personal savings rate was no "crisis." And the sensational analogy with 1933 was sensationally ridiculous. (Salon)

    Fiscal Responsibility Is Killing Retail  Mar 12, 2009
    As of January 2009, the personal savings rate rose to 5% of disposable income. From a long-term economic standpoint, this is welcome news. (MSNBC -- Business)

    More businesses using freelancers...  Mar 9, 2009
    You should start by putting 30 percent of the money you make into an account, one that you keep separate from your personal savings, McKillips said. She also recommended getting a good accountant -- one who's very familiar with -- and an attorney. (CNN -- Law)

    * Post Office to halt savings from private corporations  Mar 9, 2009
    The companys savings and remittance director Chou Ruei-yun (Q) said yesterday that Article 1 of the Postal Savings and Remittance Act (lFxIk) clearly indicates that postal savings accounts were created to encourage personal savings. INAPPROPRIATE It then becomes inappropriate for the post office to allow private corporations to save in postal savings accounts, because by law corporations are defined as business juridical persons and are not considered individuals, she said. (Taipei Times, Taiwan -- World Business)

    Borrowing in U.S. rises unexpectedly  Mar 7, 2009
    The government reported Monday that the personal savings rate jumped to 5 percent in January, the highest level since 1995. Many economists believe consumer spending and borrowing will remain weak at least through the first half of this year. (International Herald Tribune)

    ABCNEWS: Obama's 'mischaracterization of data'...  Mar 6, 2009
    Finally, since 1/20/09, the Sour 401K's, union retirement funds, personal savings, etc is down 20. Try to be honest in your communication. (The Drudge Report)

    The Biggest Bubble the World Has Ever Seen  Mar 6, 2009
    Add it upOur personal savings rate is going up, but it's still not nearly enough to finance our ambitions. In other words, between massive spending deficits and financial bailouts, we're relying on the irrationality of global investors' flight to Treasuries at the exact time those same investors are planning the endgame. (MSNBC -- Business)

    Debt-free business still possible  Mar 5, 2009
    When she started the firm 11 years ago and was signing all the papers, she realized she was putting her house and personal savings on the line. It was then she understood that she couldn t go into debt. (Atlanta Journal-Constitution -- Business)

    No new light shed on why BA closed local mans accounts  Mar 4, 2009
    His personal savings account at BA averages about 200,000. Raised suspicions. (Nogales International, AZ)

    ABCP pushes Desjardins losses to $476-million  Mar 3, 2009
    In Quebec, Desjardins is the leading supplier of residential mortgages, farm credit and personal savings accounts, with assets growing 5. 7 per cent to $152. (Globe and Mail -- Business)

    Spend? Save? There's no easy answer  Mar 3, 2009
    The Commerce Department reported Monday that the personal savings rate jumped to 5 percent, the highest level since 1995. On the other hand, consumer spending rose in January after falling for a record six straight months. (AZCentral -- Business)

    Consumer spending rebounded in January  Mar 3, 2009
    The personal savings rate surged to 5 percent, the highest level since 1995 as consumers continued to sock away more of their incomes amid the deepening recession. The 0. (MSNBC -- Business)

    Downtown seeks shake up as businesses move, open or shutter  Mar 3, 2009
    NotMistaken wrote on Mar 2, 2009 5:09 PM:" To bad all that optimism of the experts just a few months ago about Missoula dodging the recession has turned out to be dead wrong - let's hope this new optimism by the no-so-expert experts is a little more on the money. If I'm not mistaken, most of the businesses downtown survived not on the money that came in the front door but money thru the back, personal savings, spouse's income, financial winfalls, inheritance, trust funds, third party investors,... (Missoulian, MT)

    Top Aides To Promote Obama Budget Plan  Mar 3, 2009
    The personal savings rate has skyrocketed as Americans begin to put more money away ... In just six months, the personal savings rate has skyrocketed at an unprecedented rate - from less than 1 percent to 5 percent, the highest since 1995, Mason reports. (CBS News -- US)

    Wall Street Hits Another Dubious Milestone  Mar 3, 2009
    The personal savings rate has skyrocketed as Americans begin to put more money away ... In just six months, the personal savings rate has skyrocketed at an unprecedented rate - from less than 1 percent to 5 percent, the highest since 1995, Mason reports ... (2:05)The personal savings rate has skyrocketed as Americans begin to put more money away. (CBS News)

    Consumer spending, manufacturing better than expected  Mar 3, 2009
    The personal savings rate surged to 5%, highest since 1995, as consumers continued to sock away more of their incomes. "It is good that people save, but it is not good that everybody saves at the same time," said Scott Brown, chief economist, Raymond James & Associates. (USA Today -- Money)

    Another Grim Day Dawns On Wall Street  Mar 3, 2009
    The personal savings rate has skyrocketed as Americans begin to put more money away ... (2:05)The personal savings rate has skyrocketed as Americans begin to put more money away. (CBS News -- US)

    Japan Auto Sales Take February Nosedive  Mar 3, 2009
    (2:05)The personal savings rate has skyrocketed as Americans begin to put more money away. But, as Anthony Mason reports, less spending isn't good for Wall Street. (CBS News -- World)

    Aid in Kenya takes hit from downturn  Mar 1, 2009
    With just $500 (U.S.) in personal savings and donations from the community, Ole Sanyo has stocked the Mando office previously furnished with just a simple desk and computer with essential foodstuffs, turning it into a small community stall. The small profits the stall makes go back into the community projects. (Globe and Mail)

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