According to the FiveCentNickel money and finance blog and CNN these are the top consumer money resolutions of the year in 2008:
1. Pay down debt (33%)
2. Save for retirement (23%)
3. Build an emergency fund (11%)
4. Buy real estate (11%)
I think that last one must be some seriously mis-informed people.
I also think building an emergency fund means that people feel the recessing coming. I know I do. It is looming around every corner in every shopping mall in America.
It may also be a telling statement about debt, that the levels are higher than ever before on average and people have that as their biggest issue and therefore rated #1. I have felt for about 6 months now that the consumer economy is wiped out. The people of the US can’t keep supporting the economy, they are maxed out and mortgaged to the hilt. And we don’t need more stuff, cheap or not. They owe more than they are worth and can’t spend more to finance this country’s economic growth anymore. We have to get big business and industry back operating and manufacturing in this country to support the economy with spending and supply jobs in order to get people and the economy back on track.
The list last year in 2007 looked like this:
1. Saving more (32%)
2. Paying down debt (25%)
3. Making more income (15%)
4. Spending less (13%)
5. Investing more (10%)
6. Saving for a large purchase (4%)
7. Don’t know (1%)
Woah, it’s window washing day here in the high rise, and we’ve got guys on ropes swinging-about on our windows while washing them from the 31st floor outside. Fwamp! It’s a bit weird when you have meetings going on.