We’ve all been told saving money is a good thing to do. I mean it isn’t always easy, but we know it is SMART, right?
However, here’s the question….IF you are able to sock money away, what are you saving it for? Apparently, you are saving for YOU. A vacation, a new car or some other big ticket item. A new study by the Certified Financial Planners Board of Standards found that most Americans would rather save for something for the ‘here and now’ than put money away for their kids and college.
The study compared current spending habits to those from 1997 — a time when the economy was in better shape than it is now — and found many more people are now leaning away from saving for college for their kids or even creating that ‘rainy day fun’ — and instead, opt for a major purchase.
Why? Some explanation and my thoughts in this video-blog:
Which way do you lean? If you save at all, do you do so for major purchases, college funds and rainy days, or all of the above?
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