Right now I'm living paycheck to paycheck, and I'd be sinking into a hole if I wasn't couponing religiously. When times were better, I did save, and that has been a life saver for the past year, as I've dug into savings to pay for necessary expenses. Things are starting to look up again, and once I've eliminated the credit card debt in the new year, I'll start saving again.
Money IS supposed to be spent. But unless you plan to work until the day you die, you need to save some too. That way you have money to spend once you're no longer getting a paycheck.
I try to put at least 10% aside each week, but sometimes we run into emergencies and I have to dip into that fun. I hate having to do it, but I try to replace it as soon as possible. It's hard to save when you have bills piling up. I even cut my spending in other areas of my life, but I always feel like I am just playing catch up month to month.
Alinass I think you trying this system is commendable considering not many have the discipline to. I think 10% is a good amount for emergency savings but you may want to set aside some money for a retirement plan or other types of investment plans. The reason being the bank hardly pays you interest so although its great to save money there its not a great place to invest.
I am not disagreeing at all. Saving money is essential - and people should be striving to put away as much money as they can. But, there is still a life to live, you know? I think people should be smart about how they are saving money. Get yourself a budget, have a solid retirement plan, but remember that money can be spent - it is OK to splurge on something, to get a gift, to go out with a friend, to treat yourself, etc. But when you STOP saving, then you'll really run into problems. I agree with you 100% - if you are planning on working until the day you die, then feel free to spend away every cent. But if not, then saving money needs to be a priority.
I guess what we need to strive on is the way we can double or triple the money that we are saving... our savings need to earn as well.. I guess that's the only way to succeed in it..
I have seen that episode also. I do try to put money aside but some times I don't have enough to put aside. I know how important it is to have something to lean on when you need it. I need to start setting some money aside.
I actually save 50% of my allowance every month and save more money from my daily expenses. I'm a saving freak as my mother would say but what can I do right? I just love saving.
thanks jay, I'm just hoping that I can continue this kind of lifestyle. It can surely help me attain financial independence someday if I could continue what I'm doing.
Same here. I would love to save a certain amount every month but basic living expenses get in the way so I just save what I can, when I can. I've gotten rid of a lot of things, like cable TV so that I can afford to save more this year. I'd like to have an emergency fund saved so that if I get sick/hurt and can't work for a month or two, everything won't completely go to hell.
I've always been told by financial experts that if you try to save what's left over after bills, there will never be any left over regardless of how low your bills are or how high your income is. The idea is to pay yourself first, as in automatically, before you pay any of your other bills. And getting rid of unnecessary bills is a great start as well. I've been trying to find ways to do that myself, but I have such a bare-bones lifestyle that it's difficult sometimes.
I started putting money back i put money back each week and i also do surveys besides my job so i put part of that aside as well i'm hoping to keep it up.
I am not a saver. I am a spender. I need to change my ways. I am aware of this. I have not gotten anywhere near completing life goals, because of my spending habits. This is one reason I joined this forum. I will be trying to save money here in a minute. I need to speak to some people about getting on a budget and sticking to it.
I should, but i don't. I am always with that train of thought "you might die tomorrow, and that money you been saving was for what?", so i prefer to live in the moment, even if that brings me problems later on my life.
Yes, i do put aside money at the end of every month. I am a cautious spender and I would like to consider myself a savvy buyer, I shop around before committing to a purchase. I try to save as much money as possible, especially when I am saving for a holiday or a big purchase.
I always put money aside even if is a little but. It all adds up so I always love putting aside cash for those "in case" moments in life. I would hate to live life from pay check to pay check because that would make me dependent on a job and that would stress me out too much. Therefore I try to always save more than I spend in general.
I saved money before, something happened and I used almost all of my savings. Atleast, I have a money in times of crisis. I'm starting to save again. It's really a great idea to save some parts of your earnings for the future.
You're not alone. It's a catch 22 for sure. Even if you do prepare them, are they going to be able to get into their fields. I know here, people with expensive educations are struggling as much in some places as those who didn't even finish high school. Prepare them more for those possibilities, losing work, tough economy etc AND how you're going about it and you should have some ready kids. But you're right, if you forget about yourself, they may have to backslide in order to take care of you. What can you do? I still prepare more for my children than myself. There is still time once they leave the nest to secure my future as much as I can, but at the moment, I'm investing in them not having this decision when they're older. They'll be able to do both. Keep your eye on that
