Saving Rate: How To Calculate It And 3 Ways To Increase It

What Is Saving Rate? Saving Rate is the percentage of income a person sets aside every year. The money does not need to be held in cash and can be used to buy income producing assets.

How To Calculate Saving Rate? To calculate saving rate we need to determine disposable personal income which is Net Income.

The advantage of high Personal Saving Rate is that your expenses are low relative to income.

Why Is Personal Saving Rate Important?

Greater Savings To Invest

A high Personal Saving Rate indicates that you are saving a greater percentage of what you earn. 

Average Saving Rate In USA Just as Saving Rate is important for individuals to track for personal finance; it is also important for governments. 

How To Increase Saving Rate There are only 3 levers to increasing saving rate 1. Reduce Taxes 2. Reduce Expenses 3. Increase Income

Reduce Taxes

Look at every possible means to reduce taxes. Planning for taxes should be an ongoing activity.

Reduce Expenses There will be some expenses you can eliminate without lowering your quality of life.

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