The Money Tree!

Several personal finance blogs have written about the Department of Commerce’s report that Americans are not only spending all the money they earn, they spend even more! Our savings rate for 2006 was -1%! However, the best comments came from QueerCents, the featured article listed NPR’s take on our savings rate on an international level:

Amy Scott reports, “In China, one of the world’s fastest growing economies, the personal savings rate is an estimated 30 percent.” Thirty percent! Just give them another ten or twenty years and China will rule the world and economy.

Talk about cultural differences! I wish I were saving 30%! As soon as I’m done paying the smaller student loan (there’s only $597 left of what was originally $2,400) I will start sending more money to my ING Direct account. Speaking of ING, if you get a referral from someone with an existing account and put $250 in your account you get $25! The referrer gets $10. I’ve already made about $100 from my initial deposit and referrals to friends.