Posted on 03/30/2015 10:32:15 AM PDT by ilovesarah2012
Brother, can you spare a nickel? For roughly half of American households they answer is "barely," according to the results of a new survey by Bankrate.com. About half reported they are setting aside no more than 5 percent of their income in savings. One in five said they're not even able to save a penny.
The highest savings rates were reported by those in the middle of the income ladder; more than a third of households earnings between $50,000 - 75,000 said they're saving more than 10 percent of their incomes, a higher rate than those in the highest-income bracket. Only a quarter of those surveyed are setting aside more than 10 percent of their incomes, including one in seven who said they are saving more than 15 percent of what they make.
(Excerpt) Read more at nbcnews.com ...
What’s the point of having $5k in the bank if you owe $10k on that bank’s credit card?
Even paying private school tuition for my kids I was able to save some, then I did my taxes and wrote a check that just about wiped it out. I am more than a little pissed and telling the wife it is time to just stop trying to make more and succeed. Let’s go back to making half of what I do now and pay less taxes.
I wasn’t even thinking of these common-sense money savers.
Although some of these apply mostly to certain ethnic groups, which are the ones who complain the most about lack of funds, I was thinking more about the $800 hair weaves, $2000 rims for your ghettomobile, $1000’s in tattooing projects, $350/month smoking habits, etc. Add to those the $200/month cell phone/data plans, $150/month cable bills, and food waste and you probably located about $800/month that could be “found” to fund savings and (what do you know) health insurance.
Amen.
You don’t sound like the type of person I am talking about. Being in need, but trying to be responsible is a whole different category of person. True need. The world has changed. That is true. Many are sinking while trying. Many sink while hardly trying.
“when you don’t get a paycheck you can plan on every two weeks. “
One thing I have realized is that I have the ability to make more money if I desire to make more money.
The media which controls the public square, such as NBCnews, gets a cut of the money people spend, and gets nothing of the money they save.
But that’s just a coincidence! Don’t draw any conclusions!
They’re pure and honest and never slant the news to make them the most money.
I really sense something perverse in the near nonexistent interest rates on saving. What’s the point? Remember the days of interest compounded daily, instant liquidity, and a nice yield of four or five percent? The current Fed policy requires one to put money in the stock market. There’s nowhere else to put it. Meanwhile the banking houses can go to the discount windows and borrow millions for practically nothing and loan it out at credit card interest rates of up to twenty percent. This is almost evil. Where’s Andrew Jackson when you need him? He’d be calling for the rope.
Let’s see:
Cable TV - Check
Cell phones - Check
Playstation - Check
Eat out at McDonald’s Everyday - Check.
I did say “most” deliberately and clearly. I do have sympathy for those, through no real fault of their own, who have been plagued by plain old bad luck.
But I’d encourage you to examine your financial picture. Do you have cable t.v., or high speed internet? An expensive smart phone plan or just the bare minimum for communication? Do you eat out more than once a week? Drive a new car with a payment?
All of these were considered expensive luxuries only a generation ago.
Either way, it would help keep costs in line. We all know people who are undecided about some medication or treatment, but get it because "it's covered", then complain about the copayment.
For most it is all about priorities and planning. If people would decide what they are spending before the month, then stuck to it like a contract, they would find more to save. I highly suggest “The Total Money Makeover,” by Dave Ramsey.
Of course, there are some exceptions to my generalization above, but many of those that think they are exceptions are really not....
I’m not sure what that means. Certain things are outside your control. When you’re self employed, and the world has collapsed, and there’s no money in the kitty to finance getting more work, you have to worry about staving off foreclosure today, not selling something next week. I have been making more money lately, but you have to get out of the hole before you can build above ground.
I wish you the best, SoCal Pubbie. It sounds like you are doing all of the right things considering the circumstances. Keep up the fight!
It has been a long time since my last ping! I couldn’t resist this article...
Dave Ramsey ping list.
I'm making 12%-13% annualized returns in bond mutual funds right now.
MOST DEFINITELY~!!!
Dave's advice saw me through 6 months of unemployment comfortably several years ago.
We have two iPhone 4s models, which are two generations old. My computer is 12 years old.
Both cars are paid for and both and each over a decade old.
We seldom go out to eat.
We don't take vacations.
I spent $258.00 to buy an open box flat screen TV after Christmas to replace the old 1997 era CTR unit we had before. That was really splurging.
I go to a dental college to afford what would have been thousands of dollars in dental bills. My wife is a dental phobe and is going to pour regular dentist today. She put if off for as long as possible, and she has at least a $1,500 bill ahead of her to replace a crown.
All that being said, I can do better. I can and will save money. When you're white, and in your fifties, people just aren't interested in giving you a job no matter how much experience you have in your field. It's just not easy when you no no resources.
It’s just not easy when you have no resources.
Or you can get a job that pays a regular salary. I could go get a PT job at Kroger nights and weekends bagging groceries and make an extra $1000 a month. That would pay my mortgage. I could make even more at a different job.
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