Should you save money in a recession? -, Albany News, Weather, Sports

Should you save money in a recession?

Posted: Updated:

By Jennifer Emert - bio | email

ALBANY, GA (WALB) –  The last thing on you minds when the economy is down may be putting money away. Organizers of America Saves Week say you should be finding ways to save.

A survey by DoCo Regional Federal Credit Union found nearly 73 percent of customers said they have changed their personal saving habits in the past six month. Only 28 percent said they're saving more. Credit union officials say there's no such thing as too little to save, and direct deposit is the best way to do it.

"If you put ten dollars a week into a savings account at the end of the year you've got $520.00 in there plus the interest that has accrued on it during that year, so it's a great thing to do," said Carol Wolfe, DOCO V.P. Member Services.

Setting up a savings account is easy, and the minimums can be as low as keeping a five dollar balance. Experts say you should try to let the account grow, but one advantage of a savings account is that you can withdraw from it at any time.

©2010 WALB News. All rights reserved.   Feedback