Is It Hoarding Or Is It Saving?

Americans Create New Economic Threat With Savings

(photo credit: https://www.cnn.com/2020/05/12/investing/jobs-coronavirus-consumer-spending-debt/index.html)

Today an opinion article was posted on CNN’s home page that claimed that Americans are creating an economic threat by saving their money instead of spending it. I read the article. Because of the uncertainty of the times, many people have sharply curtailed their credit card usage, and are making a concerted effort to clear off the debt they already have. Our nation’s credit card charging has dropped off to a level not seen since the beginning of 1989. In addition, they are socking away savings when they can, based on the worry that their jobs and income may not return to pre-pandemic levels. The rate of savings has jumped to a level last seen in 1981, when Ronald Reagan was president.

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Pluto TV

Pluto TV

A lot of folks are still shelling out a ton of money to watch TV. Sometimes the cable company convinces them that they are saving money by bundling it in with internet and phone service. But are you really saving money? It’s a good idea to analyze your needs at least once a year, and see if you are getting the best deal.

If you have internet service at home, chances are you really don’t need cable tv service.  Netflix ($12.99 a month) and Hulu ($7.99 a month) carry so many tv shows and movies that you could watch all day every day, and never run out of things to watch.  But if you want to save even more money, you can go to websites like Krackle or Tubi TV to stream tv shows and movies at no cost. Not long ago, I heard about another free site: Pluto TV. 

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