The Frugal Duchess: Recovering My Frugal Groove: Savings at 73-Year Low & 5 Reasons Why I Didn't Save More

Thursday, February 01, 2007

Savings at 73-Year Low & 5 Reasons Why I Didn't Save More

We've hit a new low in savings, according to a recent report from the U.S. Department of Commerce. The rate has dropped to a negative 1%, according to a report from the Associated Press.

"People are saving at the lowest level since the Great Depression, and that could be a problem for the millions of baby boomers getting ready to retire." source: Associated Press

I'm a younger baby boomer (48) and I see myself in those figures. I'm frugal now, but I wasn't for way too many years.

My Top 5 Bogus Reasons for Not Saving More

1) I thought I would be 29 forever.
reality: Ha! Every birthday since my 30th has been a wake up call.

2) I thought I would be rich by 35.
reality: Get real; Get over yourself.

3) I felt so behind in savings that I figured: Why bother?
reality: Despair is a dangerous money pit. Climb out with baby steps.

4) I was too busy paying bills to save more.
reality: Always pay yourself first.

5) I was too disorganized to create a plan.
reality: If I could find the time to exercise, I could have found the time to get organized. Fiscal and Physical fitness are important.

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