 What are some GOOD money saving tips? |
| I am planning a vacation, and I am giving myself about a year (not set in stone) to save and plan. Do you have any good money saving tips? I want to open a saving account that I don't have an ATM... |
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 Am I on the right track finanically? |
Have a 401k plan at work,
Opening a savings account at a credit union. What purpose will this serve other than to save for emergencies?
When I have enough money, I will open a ... |
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 How does everyone do it? |
| I just would like to know. I live an average lifestyle, I drive older cars (1999) but they are paid off and no credit cards but one for emergencies that only has a $200 balance. I have no new debt ... |
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 Credit Cards? |
| Hi I have a questions here i lived in Singapore and i have credit problems hence all my credit cards applications was rejected. is there anyway that i can apply a credit card? as i need a card for my ... |
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| Will my check bounch ???? |
| If I was to write a check Sunday would it get to the bank before Tuesday the 3rd ???? can some one please tell ... |
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 How can I get rich?? |
| Im a 25 yr. old girl that is a bartender.....I make ok money but I need something else.... Im struggling I just bought my own house a yr. ago and its 1200 a month. Am I crazy?? I don't want a ... |
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 If I am 18 will I be able to get an auto loan for $6,000? |
| It's been about five months since I've had a job and I just now got my summer job so I will have a paystub in two weeks. I totaled my car and need a new one. My family can afford a car we ... |
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 UK: Are banks into lending peeps money at the mo? |
I've got a "Customer service review" appointment on Saterday I don't want credit but a loan!!:-)
Additional Details
No beer for me till after then!... |
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 I'm getting a new ATM debt card in the mail,it was sent out last Friday 7-20,i need to give my gym the card# |
| I need to give the gym my new card number so that I can pay my dues.I called to leave a message for the buisness manager at the gym.The person who took the message,could transfer me to the person�... |
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 My roommate lost a check I wrote him? |
| I wrote my check for $85 that i owed him...anyway he lost it somewhere and wants me to write him another one...i have no problem with this I trust him completely so i dont care about that...what I am ... |
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 Need to find way to make money.? |
Hey.
I'm a 15 year old kid who is trying to save up for a car kit. The car kit cost's $25,000 total, and I've been trying to figure out how to make that much money in 1 and ... |
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 Why is the cost of living so damn expensive? |
| my mom told me that back in the day she was able to afford a two bedroom apartment and pay all of her bills making $86 a week. Here i am making $300 a week and i cant even afford to live in a studio ... |
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Ryan M | Why is it so many young people don't understand budgeting and saving? |
Why is it so many young people don't understand budgeting and saving for retirement?
I'm 27 years old I've been investing and saving for 7 years now. When I first started working an, old colleague of mine advised me to put as much as I could into my 401k then add 5% and force myself to get by. Then why I would get a raise add that to your contribution. Every raise after that was actual cash flow increases. So he basically said, get use to living off of 10-20% less than you actually make.
All my friends thought I was crazy because lived rather frugally. Now I live comfortably, but my parents say I still save too much. As a percentage I still save the same, but I'm just used to it. Right now I save/invest 20% of my income.
Am I saving too much? Is anyone out there around my age doing the same thing? Am I a penny pincher/cheapskate for having this philosophy?
Additional Details
Wow, a lot of good responses.
Here is some added info
I was saving before I met that fellow at work, He just reinforced what I was doing as right.
I am happily married, and my wife wishes we would spend more at times, but her herself saves 15% of her income.
I am happy to share and advice I can to others, that is why I'm here answering questions like you folks.
Lastly, What I'm begining to find out is, having money and investments are great, but in the long run buying things for me isn't the ultimate goal. It is having the freedom to help people, and change my family lineage. Helping others know what I know gives me more satisfaction then owning a Fast Car or a Big House. |
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bellgoddess1
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I just read an article about people like you that were able to retire in their 30s. Maybe instead of putting it all in an untouchable place you can put a small percentage in a different savings account that is not tied to your everyday money so that when you want or need to buy a tv or a house you have ready cash. I have got to say that I'm so proud of you though for the discipline. If you don't yet have a wife and child then you may have to re-think your strategy when they do come along.
As to your initial question, I think you know the answer. This is a society and generation that is just spoiled and gets what they want when they want it and that takes all the cash you have. If you have it then its not fun to watch it sit around untouched when you can have those expensive things you don't really need.
I wish more people were like you! |
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mburleigh8
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Wow, That's great. allot of people are never taught about $.
allot of parents keep $ matters a secret and consider it none of the kids business.
and some people are lucky if they earn enough just to pay the bills.
I think learning budgeting skills and good financial skills should be taught in school. |
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Kathryn
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You're doing great! Don't listen to anyone who says you're saving too much. No one ever retired and said, "Gee, I have a big problem. I saved too much money."
About 13 years ago, I decided I was living fine on what I was making; so I saved the entire amount of my next raise. I've done that with every raise since then (including big raises due to promotions). I got to the point where I was saving over 50% of my GROSS pay every year. You will never regret saving money, believe me. |
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sthrncmfrt2187
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I am 23 and just started my first full-time job out of college. I invest 10% into a 401k and probably save another 20 to 30% on top of that. I often get accused of being a tight wod, but atleast I will be prepared if something goes wrong. |
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skunk
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I think you are a smart young man.
When you retire you will be well off.
If the young people were like you,this world would be a lot better off.
Nowadays all the young people want to do is drugs,live on welfare and stuff like that.
You are one smart young man. |
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scottsmylie
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If you are happy with your situation then more power to you. You will be the one with the last laugh when you retire like a king. |
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mplsundin
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There is no insanity in 401k contributions, especially considering a lot of companies often match upto 6% of your contribution. However, there is some logic behind the alternative to saving too much. Your goal is most likely to retire at or before 55, but what's guaranteeing you that you'll live that long? The average human life span (for a US citizen) is well beyond that, but no one knows what their actual life span will be. In my opinion there is a happy medium for everyone when it comes to saving and "paying yourself back". Sadly, a lot of people have a negative savings % because they have never been taught the value of saving. This is obviously not the route to go and a lot of people find this our later in life when they should have learned it sooner. If you're happy with your lifestyle then I would say keep doing what you're doing, but if you have to keep depriving yourself of things to tell yourself "can't buy that, gotta retire early", then you might want to consider a change. |
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diana h
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You're doing fine, and probably better than most your age.
The answer to your question is, "No one told them how." You were told how, whereas most of your peers were not. Had you not been told how to do it by someone who was willing to tell you, you'd be in the same position as your peers.
Consider doing for others as was done for you: share your knowledge. If you do, be prepared to do so with simple and respectful terms. Not everyone has the same grasp of numbers as you do.
If you're not comfortable sharing, at least advise others (only when asked) to seek out finance and budgeting classes from their community center or their financial institution. |
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starr11fan
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Why is it a problem for me?
I usually "nickel and dime" myself with eating out, and impulse buying during a trip to Walmart.
I try to keep track of my spending, by writing it down. And try to plan ahead so I never have an excuse to eat out.
As for retirement, {{sigh}} yeah....gotta get more aggressive about saving... |
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rustyoldma
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Good for you. I am not your age but I wonder the same about people my age. My family is not frugal. I've always been poor and learnt how to pinch a penny. My sister all live in very nice homes and I have a farm that is less than 10 years from being paid off. My home is not pretty but I don't have credit cards max out neither.
LISTEN TO DAVE RAMSEY ON THE AM RADIO OR LOOK HIM UP ON THE WEB. HE WILL TELL YOU HOW TO LIVE DEBT FREE. |
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from me to you
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If you can save 20% of your income and not have it adversely affect your life, then do it. But if life is passing you by and you're sitting on the sidelines watching everyone else doing things you wish you could do, too, then start spending a little more of your money.
Life is short. You have to enjoy it or what's the point of dying rich with no good memories of having lived? |
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TG
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Some people do live lavishly, but many struggle just to get by. I remember reading financial advice columns telling me I should be putting aside $100/month for each of my kids from birth to pay for their equations, and saving at least 10% of everything I earn for retirement. Unfortunately, the grocery stores wouldn't give me food for free, and my landlord was never willing to let me skip the rent so I could save. Not everyone has extra money. |
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