In times of financial difficulty, freedom from money pressures seems to be for the fortunate few—the very few.
Sure, the idea of saving money during a dismal economy may appear to be out of the question for most families. But, just because it seems to be unattainable doesn't mean that it's impossible to accomplish.
The bad news about American's saving habits is that back in 2006 the U.S. savings rate fell to a somber negative one percent, the lowest since the Great Depression of the 1930s. And negative saving rates indicate that people are spending more money than they have.
However, there's some good news. Personal savings can climb out of the hole, as we proved it could in 2007 when national personal savings rates averaged about 2.5 percent—still a long way from the healthy average of nine percent during the 1980s, but much better than nothing.
Well, what's the big deal about having a small or a nonexistent personal savings plan? Unfortunately, not having personal savings usually means that individuals will have to borrow when emergencies arise, or charge for current general spending — sometimes even for the necessities.
More importantly, it might mean we're ignoring God's Word. (Read more)
Sure, the idea of saving money during a dismal economy may appear to be out of the question for most families. But, just because it seems to be unattainable doesn't mean that it's impossible to accomplish.
The bad news about American's saving habits is that back in 2006 the U.S. savings rate fell to a somber negative one percent, the lowest since the Great Depression of the 1930s. And negative saving rates indicate that people are spending more money than they have.
However, there's some good news. Personal savings can climb out of the hole, as we proved it could in 2007 when national personal savings rates averaged about 2.5 percent—still a long way from the healthy average of nine percent during the 1980s, but much better than nothing.
Well, what's the big deal about having a small or a nonexistent personal savings plan? Unfortunately, not having personal savings usually means that individuals will have to borrow when emergencies arise, or charge for current general spending — sometimes even for the necessities.
More importantly, it might mean we're ignoring God's Word. (Read more)
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