Consumer saving is up this summer

Consumers have been keeping an eye on their checking account balances this summer, as a recent Gallup Poll found that they are finding more ways to save money by reducing expenses.

Among these cost-saving measures were ways to cut down shopping expenditures. Of more than 1,000 total respondents, 83 percent said they purchased generic or store brand products within the past four weeks. In addition to buying more affordable options, many Americans took advantage of comparison shopping. Sixty-one percent said they visited more than one store to find a product at the best price, while 59 percent compared prices online.

These good habits were more prevalent than some others that can drain an checking account. For instance, only 31 percent said they went shopping for fun, and 38 percent said they made an impulse purchase. Additionally, only 27 percent said they made a major purchase that was equal to one week's pay.

Saving is a priority
Not only are consumers spending less, but they are also saving more. Fifty-three percent of respondents said they strongly agreed that they are careful about how they spend their money, compared to only 6 percent who strongly disagreed. Also, only 10 percent said they spend money as soon as they get it.

Moreover, 45 percent said they always save a portion of money that they receive. This is encouraging economic news, as The Wall Street Journal reported that personal income, which includes income from wages, government aid and investment, went up in May. As such, Americans have more money to save if they are setting aside a portion of all of their earnings.

For more information about smart ways to manage your finances, contact Landmark Bank.

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