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Oct 24 2008

Do people have healthy savings accounts any more?

Published by nh2008 at 6:35 pm under Current Events, Economy Edit This

Lately, I have been talking to many people and they say the same think savings accounts are not being invested into any more. Why is this? Because many people live paycheck to paycheck and can barely afford to cover their monthly bill payments. Usually my personal savings account has a few cents in it. The banks usually cancel and close your savings account if you do not deposit any money for six months.

When I was a kid, people actually had healthy savings accounts. Now, you are lucky if you are able to save a few hundred dollars. There is always some bill to pay for or some unexpected emergency repair that needs to be paid for. How can anyone even keep depositing money into their savings account in this economy? It is sad that the economy has negatively affected all of us this way. I saw the other day that KMart is starting layaway again.  They had stopped doing it a while ago but now they have started it up again to help boost their holiday and Christmas sales. I think we all need to have some economic relief so we can start making deposits into our savings account.

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4 Responses to “Do people have healthy savings accounts any more?”

  1. # jodapoeton 24 Oct 2008 at 7:08 pm edit this

    Savings account? Refresh my memory, what is that? You are right in that people just cannot afford to save anymore. With bills, the price of gas, food etc… there’s nothing left to save. I know I can’t.

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  2. # skwguitaron 24 Oct 2008 at 11:16 pm edit this

    I wish I did… I drained my healthy savings account two years ago to pay for bills. Now I’m one of those going check-to-check

  3. # Totoon 24 Dec 2008 at 2:24 pm edit this

    I am teaching my kids the concept of “pay yourself first.” I am lucky in that I can give them a weekly allowance (half thier age). From that, I make them give me back 1/3 of it and it goes into a savings account. This teaches them to save for a rainy day.

    NOW, doesn’t address the issue of getting enough FIRST… I understand. But I wonder…of all the people who say they can’t save, how many drink Starbucks coffee, or go get a weekly manicure or drive BMWs/Mercedes? Somethings are a luxury, not a necessity.

    And really…it comes down to choices. I choose to save and I am teaching my kids to save. Yes, I have a vacation club and a new 2008 Yarris , but I do make it a point “to pay myself first”.

    My 2 cents.

    Peace.

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