A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Wednesday, June 29, 2005

Getting America to Save

How can we get Americans to save?

I pose this question because the root of a lot of our problems is the fact that we, as Americans, are not saving enough money. It is really a shame that we have to come up with ideas on how to inspire people to save. But, that's how it is.

Anyway, I have a few ideas:

1. Start a massive advertising campaign about the benefits of saving. Kind of like they did with the savings bonds campaigns during war time.

2. Set up tax-free savings accounts. No, I'm not talking about IRAs. I'm talking about a standard savings account that is tax free. I really have no idea how it would work. I'm just trying to throw out some ideas.

3. Give tax credits for saving.

4. Give additional interest for specific savings accounts.

Personally, I think the only feasible solution is the first one. I'm curious as to what my readers think.