Tag Archives: Money.CNN.com

Money Monday: Americans are saving a little more

A bit of good news: more Americans are saving.

“The percentage of people who have adequate savings to cover six months of expenses — a six-month-stash — has jumped to 31%, according to a new study from Bankrate.com. That’s up from 28% last year and 22% in 2015.

“Not everyone is there yet: a quarter of Americans still have no savings at all. But that is down from 28% last year and the report shows positive signs that saving habits are improving” (Bahney, Anna. “Americans are saving (a little) more.” money.cnn.com/2017/06/20/pf/emergency-fund).

Apparently, it’s the younger people and the middle-class that are doing well at saving; read more of this article at money.cnn.com.

Money Monday: Last-Minute Tax Advice

With just a day before the April 18 deadline to file your taxes, here’s a few last minute tips.

  1. File! Even if you don’t have all the money to pay, it’s much better to file a return than to not file at all. “The penalties for not filing a tax return are 10 times greater than those for filing but not being able to pay taxes due.” (Money.CNN.com. “5 last-minute tax tips you need to know now.” http://money.cnn.com/2017/04/13/pf/taxes/tax-tips/index.html?iid=SF_LN)
  2. You can file for an extension. It’s simple and quick to do on the IRS website, and it will buy you some time. Just be aware that late-payment penalties will be tacked on, beginning after the April 18 deadline.
  3. You can still get professional help. One place to go for help is the VITA program; the “Volunteer Income Tax Assistance program provides specially trained IRS-certified volunteer tax preparers that can help taxpayers with basic income-tax preparation needs.” (Money.CNN.com. “5 last-minute tax tips you need to know now.” http://money.cnn.com/2017/04/13/pf/taxes/tax-tips/index.html?iid=SF_LN)
  4. Two more key tips available here on Money.CNN.com: “5 last-minute tax tips you need to know now.”

Money Monday: Americans are saving more than spending

Americans are saving faster than they are spending.

money“It’s a key shift in spending habits that started during the Great Recession. And the trend continues as we head into the holiday shopping season this weekend.

“The savings rate in the United States rose to 5.6% in October — its highest mark in nearly three years. In September, the savings rate was 5.3%. Put another way, Americans put aside an extra $40 billion in October rather than spend it.

“The personal consumption expenditure, a measure of spending, only rose 0.1% between September and October…”

This article is from CNN Money. Read more of this article at CNN Money here.