Budget Check Up: Tax Time Is the Right Time

Budget Check Up: Tax Time Is the Right Time

Tax preparation may be the perfect time to give the household budget a check-up.

Every year, about 140 million households file their federal tax returns.¹ For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits.

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US Personal Savings Rate

US Personal Savings Rate

What can be learned from the savings rate?

The U.S. personal saving rate stood at 3.7% in January of 2017, a bit lower than its 10-year average of 5.5% and well below the recent five-year high of 11% in December 2012.

The personal saving rate is the federal government’s estimate of what percent of their incomes U.S. households are saving. But market watchers and economists are mixed on what can be learned from swings in the saving rate.

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