Smart Money Happy Hour with Rachel Cruze and George Kamel When Is Dipping into Your Savings Justified?
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Apr 4, 2024 Discover America's saving attitudes as Rachel and George discuss justifications for dipping into savings. They explore soft savings and budget trends post-COVID, emphasizing emergency funds and long-term financial security. The hosts share personal spending habits, online shopping triggers, and the importance of consistent saving.
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Soft Savings Trend in Gen Z
- Gen Z embraces "soft savings" by prioritizing lifestyle over aggressive saving.
- This leads to passive saving without a structured plan, reflecting a shift in money attitudes.
Different Savings Bucket Approaches
- Rachel finds it easier to dip into a secondary savings account for personal spending.
- George resists touching his emergency fund and keeps it separate for true crises only.
Nation's Lowered Savings Rate
- America's personal savings rate dropped from 8.51% to 3.7% in 2023, a significant decrease.
- This shows less money is being set aside despite widespread claims of saving regularly.