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- Clark Biweekly 10 12 23
Clark Biweekly 10 12 23
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đ°ď¸ Taking Stock: What Is Your Current Savings Rate?
How much money are you saving?
Probably a lot less than a few years ago. According to Federal Reserve Economic Data (FRED), the average American saved just 3.9% of our income in August.
Americans saved 32.0% in April 2020 during the onset of COVID-19 and maintained a historically great savings rate for a year-plus.
We indulged in some ârevenge spendingâ with some of that money before slowly saving again, reaching 5.3% in May. But weâve fallen backward since then.
Prior to COVID, the last time we saved less: August 2008 (3.1%) during the height of the Great Recession.
âAmerica Faces Savings Disaster,â Newsweek recently declared. Nearly 50% of Americans have less than $1,000 in savings.
Compounding the problem, credit card debt recently reached a record $1.03 trillion. The average credit card balance âjumped 11.1% year-over-year to reach $6,082.â All this while the average interest rate for new credit cards is 22.75%, the highest mark in three decades.
Are you struggling to live on less than you make, as Clark advises? Donât feel like you have to go from zero to savings hero in a single paycheck.
âEvery six months, increase your [savings rate] one cent for every dollar you earn,â Clark says. âYouâre not going to miss that one additional cent, but youâll steadily increase the amount of money youâre putting aside for your future.â
đľ Todayâs Top Stories
Inflation isnât as high as it was a year ago, when we got a huge 8.7% adjustment. How much will your Social Security checks increase in 2024? Read more. |
Retirement without a pension can be challenging. Hereâs how to guarantee yourself a lifetime income and feel like a rebel by using a financial instrument Clark doesnât usually recommend. Read more. |
Youâre looking for free TV shows. Weâre here with the ultimate guide. Check out these sites and apps organized by genre, ad frequency and more. Read more. |
This Team Clark deal hunter saved more than $6,500 in the last year by searching for bargains and discounts. Hereâs exactly how she saved that much money. Read more. |
You log into your credit card account and the company asks you to update your income. Should you do it? And what changes based on your answer? Read more. |
đ Stat of the Day
đ 45.5%: Chick-fil-Aâs share of the national chicken fast food market. Thatâs up more than 7% from last year and nearly four times as dominant as any other competitor. Popeyes (11.9%) overtook KFC (11.3%) for No. 2.
đ°ď¸ Deal Alert: Todayâs Top Deals
đď¸ Podcast
Working from home is the new normal for many American workers now. There are several pros and cons about the trend. Also, do you know the fees related to your investments? While Clark likes index funds, they are not all created equal. Clark shares the things you need to look out for so you keep more money in your pocket. It could make a six-figure difference in your retirement!
âď¸ Need Money Help?
The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.
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