With the Federal Reserve expected to continue aggressive interest rate hikes to fight inflation, higher borrowing costs also mean a 'silver-lining' for some dedicated consumers.
Economic data shows personal saving has been trending down for the last 18 months and sits at about 5%. Rising interest rates could make it a more attractive idea.As Houstonians strolled through a recent warm afternoon, some shared how they sock money away.
"It's really not hard for me," says Ellis Jenkins. "You just gotta' put it away, and don't touch it." Rather than hiding her cash in a mattress, Karen Galloway has her own system, "If you take an envelope and you put a buck in that envelope, every day, you'd be amazed how much money you could save." It's as good an idea as any other.
For years, with interest rates near zero percent, potentially risky investments seemed the only way to see savings grow. Now, with the Fed trying to control inflation by raising rates, there's a benefit for saving.
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