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I Hate Being Average

November 10, 2009

Whatever “average” is, I’ve always tried to be better. In fact, I’ve pretty much spent my whole life trying to go above and beyond what “normal” people are doing. I fully admit that this overachiever mentality has not always served me well. Actually, I think it’s psychologically unhealthy to try to be the best at everything. It’s an unreasonable demand to contend with, but it’s the natural frame of reference from which I operate that I constantly have to be “talking myself down” from. So imagine my shock (and total horror) when I found out that last year, I was below average when it comes to savings.

According to this article, Americans saved an average of $940 in 2008. Yikes. That’s not even $100 per month. And according to what I’ve read elsewhere, the savings rate in 2008 was actually up from the previous few years (I remember reading when I was in college – maybe 2005? – that the average savings rate was negative!). I, on the other hand, saved…well, about $50 last year. OUCH! To be fair, last year I was really focused on paying off my personal loan, so saving wasn’t really a priority. But still! Ugg! Below average!!! (If you have a chance, you should read the whole article – it compares the recession of the early 1980s to today.)
This year, I’ve done a lot better. Excluding my Roth IRA, I’ve had a net savings of $1500 this year. So I’m above average for 2008’s numbers and way above my own previous savings rate. Which is good. But I’m hoping for a waaay better 2010.
What about you? How much did you save in 2008 compared to 2009?

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I am NOT a financial professional, and any advice, thoughts, or comments shared on this blog should be taken only after careful consideration by the reader and consultation with her financial adviser.

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