while this is not a financial blog, i do write often about america’s obsession with stuff. to further illustrate americans’ unquenchable desire to own more things, i wanted to post a graph showing america’s trend towards spending vs. savings.
according to the department of commerce, not only has the percentage of income saved been decreasing since 1960s and 70s, it actually reached a negative rate in 2005. in other words, on average, americans spent more than they made in 2005 and 2006.
so how are you doing? what is your personal savings rate? and while becoming a minimalist won’t solve all your financial concerns, buying less things will.