As the recession lingers on, consumers have been anecdotally telling stories of cutting back on spending and instead putting more money into their rainy day funds and retirement accounts.
New government statistics confirm that Americans are saving more than ever before.
According to the Department of Commerce, personal income increased by 1.4 percent as a result of government stimulus efforts and the savings rate hit 6.9 percent in May.
This is up from just 5.6 percent in April and reflects the highest savings rate as a percentage of disposable income since 1993.
Americans claim to be cutting back on dinners out and luxury purchases in an effort to save money, but some are doing so by taking advantage of discounts from insurance companies.
Auto insurance rates, for example, may be reduced for students that have good grades or have completed a driver's education class. Older drivers may also be eligible for discounts. Seniors that complete defensive driving courses and driving improvement classes should talk to their insurance companies about rate reductions.
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Posted: June 26, 2009
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