The federal government just released some promising economic news — and it had nothing to do with the stock market, housing prices or the auto industry. For more than a year now, Americans have been motivated, albeit indirectly, to save their money.

According to the Bureau of Economic Analysis, June marked the 14th consecutive month where Americans have socked away part of their disposable income. This newfound discretion will be critical to rebuilding our economy.

But just as fad diets only keep you slim for a short while, temporary bouts of thriftiness can result in spending binges down the road.

In the early part of this century, for example, Americans started saving cash in response to the distress of the Sept. 11, 2001, terror attacks and the collapse of the dot-com bubble. By 2005, though, that prudence had disappeared.

Young Americans in particular have fallen prey to the belief that a good saving habit is not important. More and more, they’ve been overextending themselves financially. From 1985 to 2005, the median debt for Americans ages 25 to 34 rose by 44 percent, even though young Americans today earn more money and have more education than previous generations.

Putting away just a little each month is one of the most fruitful ways to save. Just consider a retirement savings account that yields 5 percent interest over the long term. A monthly deposit of $100 will amount to more than $40,000 in just 20 years—a return of more than 70 percent compounded!

Another piece of conventional wisdom that often dissuades Americans from saving, particularly in tough economic times, is the so-called paradox of thrift. This idea, developed by economist John Maynard Keynes, suggests that increased savings during a recession decreases the kind of spending needed to stimulate the economy.

After all, if a shopkeeper is struggling to stay afloat during an economic downturn, a renewed sense of thriftiness among his patrons will only make his problems more challenging.

But, contrary to what many believe, this theory doesn’t mandate that Americans stop saving. It simply shows that manic bursts of frugality aren’t prudent — or sustainable.

What’s needed is a gradual increase in the savings rate over time. According to researchers at the Federal Reserve Bank of San Francisco, in order to achieve long-term economic stability, personal savings needs to rise to 10 percent by 2018.

In other words, economic growth and high personal savings rates aren’t contradictory — they go hand in hand. The reason? The money you deposit in the bank is an important source of investment capital for new and expanding businesses.

It’s good that Americans are saving more. If we continue to down this path, the economy will come back strong and steady. It’s just up to all of us to take up the habit of saving, and stick to it.

Arkadi Kuhlmann is president of Ing Direct USA.