People today are more responsible for their own retirement income security. Over the past 15 to 20 years there has been a shift in responsibility for long-term well-being away from institutions (employers, the government) to individuals. For example, in 1980, 70% of pension plans were defined contribution (DC, as opposed to defined benefit plans; DC plans shift more of the responsibility for the growth of retirement funds to the consumer); by 1997, 92% of plans were defined contribution (Conte 1998). In 1988, one-fourth (25%) of workers were covered primarily by DC plans; in 1998, over three-fifths (63%) were covered by such plans (Copeland 2002). (more…)

Once in a while everyone has a dream, dreaming of having a shopping spree after winning the lottery, and buy only what they wanted and ever imagined. Even though if you know you will never be in such situation, it is fun to think that. Just by thinking such a fun thing and I bet most people believe that it would make them happy. But how you can save money if you have spending or shopping addiction? (more…)

Time.com calls it “The New Frugality” and refers to the U.S. as “Thrift Nation”. Frugality has finally earned its 15 minutes of fame! As the economic downturn wiped out at least 25% of American’s wealth via recent stock market losses and foreclosures and unemployment still loom large for millions of families, frugality is in! Secondhand, Craigslist, garage sales, thrift stores, barter exchange - you name it. The new competition is the rush to see who can pay the least! (more…)