Are You Making These Cash Mistakes?
A majority of Americans reported cutting back on their spending in 2009. Fifty-six percent said they were eating in restaurants less often, 59% were spending less on vacations, and 36% postponed an auto purchase. In all, 76% said they had cut back in at least one area. So it’s not surprising that the personal saving rate has been running higher than normal. It even hit 6% in May 2009, the highest point during this century. Spending less and saving more is always a good idea, but what should you do with the money you save? Here are some common mistakes…