Monday, 20 January 2020

Why You May Not Be Saving Enough Of Your Salary!

Piggy Bank, Money, Savings, Financial

Did you know that today is both cheese lovers day and blue Monday?
Blue Monday is  a Monday in January, typically the third Monday of the month, that is characterized as the most depressing day of the year (unless you are a cheese lover I suppose!).
Anyway today I wanted to bring you a little known and rather worrying statistic and that is the decline in the personal savings rate (the part of income that people save).
In the USA in 1960 the personal savings rate was 10.4%, by the end of 2018 it had dropped to 8.8% and was as low as 7.9% by the end of last year.
Savings and investment are a vital part of anyone’s financial planning so the fall in savings is not a good sign, particularly if we bear in mind that we should be saving at least 10% of our income!
To get a good overview of how and why to save or invest money I would recommend you read “Rich Dad Poor Dad” by Robert Kiyosaki. It’s possibly the most influential book on personal finance ever written.
For more details about this amazing book : click here.
Speak soon

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