Personal Savings Rate Jumps: Did Yours?
The personal savings rate jumped to 6.9 percent in May, according to the Bureau of Economic Analysis. While there is much debate about how to accurately measure household savings, clearly people are spending less. The question is, are you actually saving more? It's one thing to stop spending, but it's another to have a strategy for the cash you aren't spending. Without a strategy, you'll likely find that your thrift hasn't translated into a higher net worth.
