Increased Income and Decreased Generosity

If you're earning "enough" and you've got a little bit left over, and you're only ever going to have a little bit left over, why not share some of what you've got? But now I've got more than a little bit left over, and I'm starting to think of my money as stackable units.

I Have a Savings Account for the First Time in My Adult Life

I am bad at saving money, though I really shouldn’t be. I have been in enough situations in my life where a savings account with anything in it would have been a great help, and while I consider myself excellent at budgeting (or at least having a very clear idea of how much is in my checking account at all times), I generally subscribe to the school of thought made popular by 2 Chainz: It’s mine, I spend it.

Piggy Banks vs. Savings Accounts for Kids

At Motherlode, Ron Lieber wonders when the right time is for his kids to switch from saving money in a jar or piggy bank to a savings account at the bank. Lieber says there is value for kids to see their pile of money growing in a bank at home—money that they can actually hold in their hands if they wanted to. He points to David Owen's book, The First National Bank of Dad which had a chapter on this argument

Living With Student Debt

My morning post yesterday about what our student debt loads are preventing us from doing may have been a depressing way to start the day, so I wanted to start today by talking a little bit about what my student loans haven't prevented me from doing.

Getting Renters to Save

Josh Barro proposes a plan to get renters to save through a myRA-for-renters scheme.

Let’s Throw Some Money at Our Problems: February 2014 Check-In

Pull up those balances!

Millennials Having a Hard Time Saving Money

In the aftermath of the Great Recession, Americans—feeling on edge and overly cautious, coupled with an inability to take out loans to buy houses and cars due to tightened lending practices by bailed out banks—began to save. Moody’s, which provides economic related data and research shows that more Americans began saving as a whole since the financial crisis, but if you break down the savings data into demographics, you’ll find stark differences in who’s actually doing the saving:

• Americans 55 and older have a savings rate of 13 percent • Those ages 45 to 54 have a savings rate of 6 percent • Gen X-ers ages 35 to 44 have a savings rate of 3 percent • Millennials. Those under 35 have a savings rate of negative 2 percent.

Negative 2 percent!

Yes, according to Moody’s and The Wall Street Journal, young Americans as a whole are burning through their earnings and going deeper into debt.

Get Rich Slowly “If You Can”

Bernstein's manual is as readable as his facts are sobering. (None of us have pensions! We're screwed!) The most important thing you can do is to save 15% of your income starting at age 25, he says. It will get you in the habit of saving, which is good because, get ready, there's lots more saving to do.

Access to Credit and the Poor

In the NYT Times Magazine, economics reporter Shaila Dewan looks at how credit card debt helps low-income people. For one thing, having access to credit and demonstrating an ability to pay back money you borrow builds a better credit profile that helps people save money over time.