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A Stern Warning From Our Economists, Start Saving More ASAP

by RikCharbonneaux. To Your Health  
03/16/25
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A Stern Warning From Our Economists - Start Saving More ASAP

“A wise person saves for the future…”  Proverbs 21:20 TLB

“Once Again, Start Acting Your “Wage!” .. Dave Ramsey

During the Covid pandemic, the average person’s (or family’s) savings of their disposable income fell by 13% compared to pre-pandemic days and has not increased since.  That does not bode well for the average wage earner’s ability to cover unexpected expenses.

Although trying to save for the future is even harder now that inflation always outpaces personal income, year over year, economists are concerned that not saving at least 13% or more again will lead to serious risks concerning inadequate retirement funds and inability to deal with unexpected debt.  

“Stop buying stuff you can't afford, with money you don’t have, to impress people you don’t even like.” ..  Dave Ramsey - “Act Your Wage!”

Despite the predicted financial insecurity for most of us in the future, people are also still presently spending far more money today than they should, leading to higher credit defaults (2024 Christmas Season).  

As we now have a very uncertain economic future ahead for the average wage earner and the ongoing imposing of reciprocal trade tariffs by the USA upon our trading partners will temporarily strain our budgets even further until things come into balance, however, wisdom demands that our personal savings rate needs to be brought back into sync with an increase of at least 13% or hopefully more to prepare for that uncertain future.  

Necessary budget reduction adjustment is a tough thing to do when you are living paycheck to paycheck, but it is now absolutely necessary to do to adequately position yourself going forward.

“You must gain control over your money, or the lack of it will forever control you” ,, Dave Ramsey