Consumers can’t meet goals saving money
Many consumers are saving less money than they’d hoped this year, thanks to bad shopping habits and unforeseen expenses. According to the latest report from the American Express Spending and Savings Tracker, consumers will save about $2,000 less than they wanted this year – down to $12,000 from $14,000 – because they’ve let credit card spending get away from them and their expenses have risen at the same time. While 58 percent of consumers told the report that their inability to save to goals was because of an increase in bills like utilities, groceries or cars, and another 30 blamed unanticipated emergencies, much of the cause was related to out-of-control spending. Of those surveyed, 20 percent blamed both a difficulty balancing what they want with what they need and buying on impulse for the savings shortfall. Another 17 percent said they spent outside their means. A report from Businessweek said that economists at Morgan Stanley have seen an increase in consumer spending reflected in a gain in U.S. imports in May. These pickups indicate that the American economy is the healthiest it has been in four years.