By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Are you saving or hoarding your money?
ec96f5126aae85d26dcff263333f091a00130db3649828b7b5dc16c5ca33f391
With gas prices down, you may be tempted to pocket the extra money. Doing so may be bad for the economy, though. - photo by Sam Turner
What would you do with an extra $750?

Most people would have no problem answering this question. Yet while low gas prices have saved Americans about $750 in 2015, they aren't spending the money, says CNN.

Starting 2016 at just under $2 per gallon, gas is the cheapest it's been since 2009, says AAA.

Americans slow to spend their windfall is part of the reason low energy prices will do little to strengthen the economy, The New York Times reports.

In the past, more oil was imported to the U.S., meaning that low oil prices led to an overall increase in the economy. With more product coming from domestic oil companies, however, consumers would need to spend the money they would otherwise have spent on gas in order to see a net gain.

Under usual circumstances, saving money and paying off debts demonstrates financial prudence. But what benefits your personal finances may have a negative impact on the overall economy.

The paradox of thrift is an economic principle popularized by John Maynard Keynes that essentially states saving money restricts economic growth, leading to lower income and lower net value.

American spenders account for 70 percent of economic activity in the U.S., says CNN. "If people don't spend, the economy doesn't grow."

But savings are important, and some are skeptical about how detrimental saving can be.

Trent Hamm, for example, in his blog the Simple Dollar, reminds us that the paradox of thrift only applies when money is taken out of the economy. "Putting money in a savings account does not remove it from the economy," he says.

Money in a savings account is subsequently lent out by the bank and recirculated in the economy. These loans may go toward funding a new business venture, buying a new home, a car or some other consumer spending.

According to Hamm, the only thing that really takes money out of the economy is hoarding. This means storing cash in a safe or under your mattress or burying a treasure trove in your backyard.

So unless you're Smaug the dragon, Hamm would say that your saving is probably not going to hurt the economy.

Still, a certain threshold of spending must be passed in order to achieve economic growth. Where last year low gas prices were expected to increase economic growth by 0.7 percent, because of reduced spending, the actual figure was closer to 0.4 percent, says the New York Times. In 2016, low oil prices may have no impact at all on economic growth.

Ultimately a balance is needed. While some spending is needed, Investopedia counsels against making large purchases (cars or houses) during economic downturn.

Making and keeping to a budget will ensure that you are both saving for your own financial needs, and contributing to the economy with adequate spending.
Sign up for our E-Newsletters
How to avoid 'sharenting' and other paparazzi parenting habits
ce406c66b9871a104ac24256a687e4821d75680dcfc89d9e5398939543f7f88f
A recent study revealed parents often spend up to two hours staging a single photo of his or her child to post online. - photo by Amy Iverson
Before having kids, some people just dont appreciate their friends baby posts. But after having a child of their own, three fourths of new parents jump right on the parental social media bandwagon. If you have become a member of this group, there are some rules to follow for posting responsibly.

Much of a parents worry is how to teach their children to use social media responsibly. We talk with our kids about privacy, oversharing, and setting restrictions on their devices to keep them safe. But parents themselves need to look in the digital mirror once in a while. Before having children, it doesnt take as much effort to think about what to post online. Its up to us to decide what we share about our own lives. But once you become a parent, there are many questions to think about regarding what is appropriate to post about your kids on social media.

In a recent survey, kids clothing subscription company Mac and Mia surveyed 2000 new parents to find out how they are documenting their kids lives on social media, and what concerns they may have.

First of all, people without children seem to feel a bit differently about the onslaught of baby pictures online than those who are parents. 18 percent of people say before they had kids, they were annoyed by their friends baby posts. But after having children of their own, 73 percent admit they post progress pictures of their little ones every single month.

Not only are new parents letting the world know each time their baby is a month older, but they are posting about their kids every few days or so. Men and women report they post 6-7 times per month about their baby.

And while 70 percent of new parents say the benefit of using social media is how easy it is to help family and friends feel involved, there are some downsides. Here are a few tips to avoid the pitfall of becoming paparazzi parents.

Dont miss the moment

In the Mac and Mia survey, some parents admitted to spending up to two hours to get the perfect shot of their baby. That seems a little extreme. New and old parents alike should be careful about spending so much time taking pictures and videos that they dont enjoy the moment. Years ago, I decided to never live an experience through my phone. A study by Linda Henkel, a psychology professor at Fairfield University in Connecticut, found that when people took pictures of objects in an art museum, they didnt remember the objects as well as if they simply observed them.

This photo-taking impairment effect can happen to parents as well. If we are so consumed by getting the perfect photo, we can miss out on the moment all together, and our memory of it will suffer.

Dont forget about privacy

60 percent of couples say they have discussed rules and boundaries for posting their babys photos, according to the Mac and Mia survey. Even so, men are 34 percent more likely to publish baby posts on public accounts. If parents are concerned about their childrens privacy, keeping photos off of public accounts is a given.

In the Washington Post, Stacey Steinberg, a legal skills professor at the University of Florida, and Bahareh Keith, a Portland pediatrician, wrote that sharing too much information about kids online puts them at risk. They write that all that sharenting can make it easier for data thieves to target out kids for identity theft. Check that your privacy settings are where they should be and never share identifying information like full names and birth dates.

Dont be paparazzi parents

36 percent of parents say they take issue when their childs photo is posted online by someone else. Responsible social media users will always ask permission before posting a photo of another child. But parents should also think about whether their own children will take issue with their own posted photos a few years down the road.

When parents are constantly snapping pictures and throwing them on social media, it can be easy to forget to pause and make sure the post is appropriate. I always use the billboard example with my kids. I ask them to picture whatever they are posting going up on a billboard in our neighborhood. If they are okay with that, then their post is probably fine. Parents should ask themselves this same question when posting about their children. But they should also ask themselves if their child would be OK with this post on a billboard in 15 years. If it would cause embarrassment or humiliation, it might be best to keep it private.

Once children reach an appropriate age, parents should include them in the process of deciding what pictures are OK to post. Researchers at the University of Michigan surveyed 10- to 17-year-olds and found children believe their parents should ask permission more than parents think they should. The kids in the survey said sharing happy family moments, or accomplishments in sports, school and hobbies is fine. But when the post is negative (like when a child is disciplined) or embarrassing (think naked baby pictures or messy hair), kids say to keep it off social media.
Latest Obituaries