Some consumers concentrated on saving money in September

11/03/2009

Money management, which would include saving money, seemed to be more of a priority for people in September.

According to the U.S. Bureau of Economic Analysis, the amount of money saved went up during the month. Overall, personal savings amounted to $355.6 billion in September, compared to $307 billion in August. As a percentage of disposable income, personal saving increased from 2.8 to 3.3 percent.

Though personal savings went up, overall income and disposable income were down for September. Each figure went down by less than 0.1 percent. Consumer spending also saw a 0.5 percent drop during the month.

As more people concentrated on saving money during September, a recent poll shows that consumers are not very confident in the economy. The Conference Board reported that consumer confidence fell to 47.7 in October, compared to 53.4 in September. Furthermore, the organization noted that people were more negative when it comes to the prospect of finding a job in the coming months.

With wages falling and unemployment increasing, many consumers may end up relying on their savings in order to make ends meet. However, another option that may be open to them is to seek the advice of a consumer credit counselor, who can help them with money management.

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