Like anything else, there are trends when it comes to saving money. Are you keeping up with the status quo? Check the list of current money saving trends to find out.
Retirement Savings:
In years past, most individuals didn’t think much about their retirement savings. Companies often offered nice pension plans and for those that didn’t have that, Social Security was a given. In today’s times, Social Security is uncertain and most businesses don’t offer any sort of large pension. This has opened the door for consumers to create their own retirement savings accounts – with 401k programs and IRAs being the most popular options.
College Savings:
For families this is a big one. In the past, the costs of college were far lower and the pressure to send your kids off to one was almost non-existent. In today’s world, it is the expectation not the exception to send your kids off to college. On top of it, the costs of college are dramatically on the rise, with no end in sight. Luckily, the government has created a variety of programs to help parents to save, with 529 plans and Educational IRAs being the most common.
Budgets:
The complicated lives we now lead have also led to more complicated money management systems. With two income households and more budgeting categories, the whole process of creating and maintaining a personal budget is an often overwhelming task. One lucky note, with the invention of the computer… keeping track of your spending and savings has become far easier. While technology has created more complications, budgeting software programs have helped us to keep up the pace.
Competition:
One of the best money saving trends for consumers is the wide open marketplace. Even traditional small towns are finding more options for goods and services. The Internet is another true marketplace haven, enabling consumers and businesses to find their perfect match for product and price.
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