There was an interesting article by The Wall Street Journal today on personal savings rates. According to government figures released near the peak of the pre-Christmas shopping frenzy, U.S. consumers are on track to have spent about $39 billion more than they earned in 2005. The last time spending outstripped earnings was in 1933. So it looks like 2005 is the first year since the Great Depression when Americans spent more money than they made.
So I created a small little spreadsheet that you can find on the Files page that will allow you to calculate your own personal savings rate and compare that with the average U.S. consumer rate of -.4%. Go ahead and download it and see how well your doing with your savings. Maybe it will help you create another financial New Year’s resolution!