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Subscribe to RSSIn a recent poll, voters named the economy and unemployment the two most important problems facing the country, as millions of Americans struggle to pay bills and save money at the same time. TODAY financial editor Jean Chatzky reports on an average American family's struggle to save.
An hourglass figure may be desirable, but it’s not a good look for an economy.
“The middle is getting squeezed and people are moving up and moving down but staying in the middle is pretty difficult,” said David Kelly, an economist for JPMorgan Funds.
And this “hourglass economy” is taken its toll on savings accounts.
About 49 percent of Americans say they are unable to contribute to a retirement plan, according to a survey conducted earlier this year by LIMRA, a financial services industry trade association.
But saving for retirement is not something to be ignored. You have to start somewhere. Here are four tips for those of you struggling to put money away for your golden years.
1. Save before you spend
If you're not doing it now, you have to find a way to save and the best thing you can do to help yourself is automate. If the money lands in your checking account and you see it on your ATM receipt, it's too easy to find some "need" to spend it on. Arrange for it to be swiped out of your checking account before that happen and put into an IRA or other savings account.
2. Prioritize your savings
- Emergency fund first: If you've heard it once, you've heard it a hundred times. You need at least six months of living expenses - in cash - just in case. When you first start to have money to put away, it's important to fill up this bucket first. That way, you have cash to fall back on when the roof leaks or the computer breaks and you don't have to reach for the credit cards. Put this money in a boring old savings account, where you may not earn much interest but you can get at it if you need it.
- Matched contributions: After you satisfy your emergency needs, you can start putting away money for other, longer-term goals. Any money that gets matched comes next on the list for the obvious reasons - the returns are big, instantaneous and guaranteed. You're most likely to get your hands on these through your retirement plan at work, like a 401(k). Another place you may see matching dollars is your state's 529 plan, which is a retirement savings tool. It's rare, but not unheard of, particularly for lower income residents: Colorado's Direct Portfolio College Savings Plan offers a dollar-for-dollar match of up to $500 for lower and middle income residents. Kansas has a similar program, matching contributions above $100 and up to $600 per year.
- Tax-advantaged accounts: Once you've maxed out your ability to grab matching dollars, saving in tax-advantaged accounts is your next best move. Some of these offer you a tax break for putting the money in - as with 401(k)s, traditional IRAs, some 529s. All let the money grow tax-deferred while it's in the account. And the Roth IRA, though you are taxed on contributions, lets the money grow tax free forever and doesn't require you to start taking it out at a particular time. All are great advantages when it comes to growing your savings.
- Discretionary accounts: So what happens when you've funded your emergency cushion, grabbed all of your matching dollars, maxed out your ability to contribute to retirement and other tax-advantaged accounts, and still have money to save? By all means, save! If we're talking about money for a short-term goal, put it into an account where you won't lose it (that means no stocks) and you can access it when you need it (no long-term CDs). If it's for retirement or something else further down the road, put it in a brokerage accounts and buy some mutual funds that give you the opportunity for growth.
3. Set a realistic savings percentage per month
Start by saving 2 percent per month. It will force you to cutout the small things that you probably won't notice. Avoid a "crash diet" savings approach (setting unrealistic goals just like some people do with food) in order to guarantee long-term savings success. Almost ANYONE can save 2 percent.
In the long-term, aim to save 10 percent to 15 percent per month, but you can't start there. Start small and up it as you go along. Something is better than nothing at all.
4. Save when you can
When you find yourself with some extra cash, don't go out on a shopping spree. Resist the urge to spend it all. You never know what the future may bring.
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90% of American Citizens live paycheck to paycheck right now. Heck, 50 million live foodstamp card to foodstamp card.
America = Poverty for all
I watched this story on TV this morning. The couple on there who live paycheck to paycheck were the caused of all of their own problems. He is an auto mechanic, and she's a stay at home mom. They owned a huge house with an olympic sized pool, which were lost in foreclosure. The wife was bitching about spending $20 a day for gas to chauffeur her kids around....she drives a huge GM SUV with an enormous V8 engine! People just don't know how to live within their means. For example, I'll bet you that almost all of the so called paycheck to paycheck family members each have a cell phone with all kinds of apps, that cost several hundred bucks, and consider it a necessity of life.
Spider your so right I had a tech who was starting to have financial problems so he bought an "economical car" for better fuel mileage ha bought an A-4 so he had 5 cars in total. long story short he collapsed financially and he had to move in with daddy and his daddy controlled his check book.
Funny true life story...my wife was talking to one of the 20ish women in the office one day and they were complaining about being in credit-card debt. My wife said "give me your credit card and I can solve your spending problem"...she gave my wife the card and she cut it in half before she could stop her.
The bottom line is, there are some people that worked hard and made good decisions, but something extraordinary happened and they are now on hard times - but that's a small minority. Most of the people I know in financial trouble are there because they don't control their spending, and they won't take the necessary steps (work hard, get a good education) to increase their income level to get it in line with their desired spending level.
I am a landlord and I deal daily with the "working poor", many of them claim to live paycheck to paycheck. Here are the big money wasters: Multiple cell phones, multiple computers, Cable TV or dish network with a bunch of premium channels, wide screen tvs, video games/XBox, smoking, drinking, eating out ( even fast food is expensive). They make poor decisions like going to Pay Day Lenders for quick cash ( instead of doing without until they can pay cash). They buy crappy cars every two years rather than saving for a decent one that is reliable. The heat is always at 75 or higher in the winter ( our house is set at 68 during the day and 60 at night). They start college and don't finish, so they have student loans compounded with an $10 per hour job. They always owe money on credit cards and utility bills so they are paying hundreds a month in late fees and interest.
Every one of my renters has a larger TV than I do. They all have more cable tv channels than I do. I have basic cable and cannot even receive ESPN. Most renters smoke ( smoking is a poor person's habit).
They can't understand why I drive an 11 year old car and mow their lawns myself. They can't fathom how I afford to own the houses they live in.
There really is not a government program to fix this. Common sense, hard work, living beneath your means, is just not fashionable.
Its funny because its "mo' money, mo' problems". I make more now then I did in my last job but I still feel just as poor? I feel just as poor as I did back in school =[ (then again, I make entry level peanuts... its really, really difficult to save on this salary.)
Sure, I have an expensive phone that costs $100/mo.... but its convenience outweighs its cost, imo.
Just read Gary 420 (landlord) comment. This is so true!!!
I am a first time landlord- first place was our residence that we rented when we moved to the country in 2009. Decided to rent since Florida real estate prices were a joke. NOte house is worth about 79k and rents for $1150 month to paycheck to paycheck tenets. After a year of renting this house out I thought to myself hum.. that's over 10% profit after taxes and insurance.. Maybe I should take my money out of my black hole of a 401K with penalty and buy another rental. I did- It cost 58K needed 4K of work and is located 2 houses from our 1st rental - It rents for $1150 also to a paycheck to paycheck tenet. I did this 2 more times.. and now own 4 rental houses 3 free and clear one with a 35k mortgage, all located in the same subdivision and all with paycheck to paycheck tenets paying me $1150 month each.
Things I have noticed that my tenets have that I do not have:
60+ inch TV, HBO, Huge electric bills because air is set at 67., new financed cars, basically everything Gary mentioned , all 4 households collect "food stamps" and I am almost certain that they all smoke.
They are living in my 79K houses for $1150 a month because they are too stupid to live within their means and/or have even decent credit to apply for a mortgage on a 79K house that would have a monthly payment of roughly HALF of what they pay me in rent.
Biggest thing I have that my tenets don't: Net worth or over 750K ( and growing) in most part due to the paycheck to paycheck tenets. At times I am amazed at how simple it was to have this financial security. I am just a normal working stiff with a two year community college degree,I had a decent job as a bookkeeper, live modestly and within my means and retired comfortably at 50.
As I said before my wealth is due to people who claim to have no money to save but continually make VERY poor decisions when in fact they have many many options to change their situation. I don 't feel sorry for them.
The most important piece of advice in this article: something is more than nothing.
I remember when I was just starting out, a financial advisor told me I needed to put away $2,000 a year for retirement. To me, that was impossible. (I was making $17,000 a year at the time.) There was no way I could do that - or so I thought. So I didn't put anything away.
I also remember in my early 20's deciding I was going to ask my boss for a raise because I did not have enough money to make ends meet. And to prove that point, I sat down and wrote down all my expenses. I was going to show it to him. To my shock, I just proved myself wrong. After adding up my real expenses, I had money left over. So why was I struggling? I had no idea. I had never set up a budget. I ate out a lot and spent money as I pleased. If I had made myself a realistic budget, I could have easily set aside money from every paycheck just for savings - and still been able to eat out, only not as often.
Before any savings plan can be put in place, you have to know where your money is going, and set a budget.
Thanks for shearing that most Americans don't know how to make a realistic budget and that is a major problem.
I give myself a budget of $300/mo after necessary bills (utilities, rent, debt) but still have trouble staying in that range =[
Pretty good article. The ole addage...pay yourself first is golden advice for the young. As for POST #2, spot on. Budgeting is extremely important.
Cut back on spending.
No sh!t Sherlock!!!
This whole article is "No sh!t Sherlock!!!"
And people still don't know how to do that.
Wait,
So is this article telling me I need to save money?
"Cut back on spending"....now there's a genius comment. How did Jean miss that one? So stop eating, put your kids on the handle bars of your bike as you take them to school, cut back on the number of kerosene lamps that are used each night, get a bigger bucket so more water can be pulled out of the well so there is more time to do all that spending.
Don't you think if it were that easy, wouldn't everyone be out of financial ruin?!
Finance is 10% math and 90% self control.
I think overspending is a lot like overeating. It is done unconsciously - by that I don't mean while passed out - just done without realizing what you're doing.
It takes becoming aware of what you're doing and how it's affecting you to start making a change. Unfortunately, that's a long process for a lot of people. Awareness first, then denial, then awareness again, and eventually, making a plan to change, then trying to follow it. All this while everyone around you seems to be able to eat/spend whatever they want without consequence (which isn't true, but feels that way.)
Auto,
Exactly..... most people don't bother to do the math. And when they do, other people look at them like they're some elite rich guy/gal. No.......... they are exercising common sense and self control BEFORE buying something.
It's not complicated. Is the iPhone 5 really that much better than an iPhone 4? For 95% of people, probably not but "I gotta have it!".......... bad move.
I just got an offer from a former employer to buy out a small pension I have there for a lump sum of money. I know dozens of people taking the lump sum. When I try to explain how a present value calculation might change their mind, they look at me like I'm from Mars. They focus on what $12k might buy them now and miss that they will most likely collect 80k or more during the course of their retirement.
It's sad because people are their own worst enemy and they don't know it.
I think the author does not understand what living paycheck to paycheck means. It means not having any extra to sock away into savings and not having an emergency fund. These tips are great for those who have extra at the end of each pay period. Those who are actually living paycheck to paycheck need tips on how to save money at the grocery store and on their monthly bills.
Exactly! People who live paycheck to paycheck are not offered some of the perks, like "matched contributions". Maybe Jean should have said something like this: Start small so it doesn't seem so overwhelming, $5.00 a week or something. It is obvious she does not live paycheck to paycheck.
If you are truly living paycheck to paycheck, then the first thing to do is to figure out how to get out of that situation. Whether this means cutting expenses, working more hours, getting a better paying job, etc. - the key is to change the situation you're in.
For me, it was a 9 year plan to get ahead. It started with serving in the military (enlisted) for 4 years to save money for college. Next, I chose a degree that had a high likelihood of allowing me to meet my financial goals. Then I worked 30+ hours/week while going to school full time so I could get most of the education done while I was still on the GI bill. It also meant going to a 2 year college first to save money - and doing the best I could in class so I could get scholarships to help pay for my remaining school after the GI money ran out (I needed 5 years to get the masters degree I wanted).
It took me 9 years to get to where I'm at today - but it was worth it - and most other people could do the same if they would just work hard and focus on the long-term.
I had a coworker who had an income of 130K and he was living very close to paycheck to paycheck. when his income drooped to 100K they lost every thing. Most of the time living paycheck to paycheck is self caused.
My thoughts exactly. A six-month emergency fund?! So what the author is saying is that step one for people living paycheck to paycheck is to put $20,000 in the bank. Then get down to some serious saving. You're right...she knows nothing about paycheck-to-paycheck existence.
No, look. There is always money that can be saved. The trick is that you have a savings plan at your bank that automatically moves the money OUT of your checking and INTO your savings, so that you never see it. It does not have to be a big amount! The idea is to save it before you decide you deserve a break today at a fast food restaurant or some new outfit to wear or a mocha huge-o latte.
The next step is to stop using the credit cards for every purchase. Forget the "cash back" BS. Use a debit card instead. Don't bottom out your account--stop spending first.
Oh--an emergency expense? That's why you were putting money in savings! People have treated credit cards the way we used to treat savings accounts, and that's wrong.
And while you're at it, start paying more than the minimum on those credit cards. Get those balances down.
Yes, this is hard. It's hard to change bad habits. I have had not much money and I have had a lot more money--but the same strategies work regardless.
Agreed Vexy. I bookmarked this article to read later at home, thinking it might hold something useful. Not. Can't set aside even 2% though both my wife and I work. Literally run out of cash before or by the next payday and I budget down to the penny. Spouse not working? What a pipe dream.
Ron, You are a smart man. " I chose a degree that had a high likelihood of allowing me to meet my financial goals". No President of the US can help you make 6 figures if you choose to invest 4 years of your life and $90,000 on a degree in art history.
According to the data that Art degree makes more than teaching degrees.
I don't know about anyone else, but the people I know who say they are living paycheck to paycheck really aren't. Yes, they are living beyond their means and don't have a nickel saved but that is of their choosing, not because they don't make enough money.
If you are truly living in poverty, can't cut another penny of expense, and can't save a dime, then here is the harsh reality of the options you have to consider:
1. Find a job that pays more money
2. Work more than one job to bring in extra cash
3. Apply for all the assistance you can get from taxpayer assistance, churches, outreach groups, etc. while you work on #1 and #2. There's no shame in asking for help.
I know I'll be called mean-spirited and heartless. But that's the reality of your situation. Once you accept the reality of your circumstance, you'll be better equipped to find solutions.
These people are not living in our reality. She said this morning to take 2% and save that. Does she realize that if you do not have enough money to buy groceries or pay your normal living expenses, water, electric, gas THERE IS NO 2% to put away. Groceries and gas keep going up and our paychecks do not. We are making less and less every year. Should I use 2 % of the money I would buy food with to save? No, won't happen.
Then you have to cut expenses or make more money. Complaining that there isn't enough money to go around and failing to plan for the future isn't helpful. What is your plan for the future?
purveyor, what do you do when you can't cut anymore. If you are living on just the basics you can only cut so much, if you already cut the cable only have one "free" basic plan cell phone, only one working vehicle (paid for) eat out about 2 times a YEAR......and you are still living paycheck to paycheck, what should they cut then...............eating at all??
What some don't get is that you can only cut so much, and a lot of us work full time jobs or 1 full time and 1 part time........and the expenses just are too much for the paycheck.
That's right Lisa. Sometimes no matter what we do, how simply we live, or what we forgo, or even how much education we have, this economy has caused hardship for a lot people who have done the right thing and lived within their means. Most people's financial problems are self-caused. But some aren't. And it is disheartening to hear that as hard as we try, we aren't doing good enough.
"the expenses are just too much for the paycheck"
If this is your reality, you have to change it any way you can. Stop thinking in terms of scarcity and lack, because if you think that way, that's all you'll be able to see.
Be willing to do whatever it takes to earn more, to meet obligations. I'm not some pollyanna--I know that many people who always did the right thing have lost their jobs and their homes, through no fault of their own. But if this happens, it's better to start looking for what you CAN do than to dwell on how "the economy" has failed you.
There is always a way... But you have to look for it...
Start with voting out the jackass that's killing the jobs and making it harder for the majority of us to find better jobs, so we're not living paycheck to paycheck.
I've done just fine, and seen several of my close friends do just fine under our current administration. Heck, I've even gone out looking to change jobs twice now under our current government. Both times successfully, and both times getting an increase in salary.
The problem isn't with the government. You can't expect someone to hold your hand and get you a job. You have to earn it, and put in the leg work to get hired on your terms. Times have changed, and yes, you will need to put your nose to the grindstone and make looking for work a full time job in and of itself.
Here's an idea that's always worked for me and may work for some of you...Work or get fired!
The main problem with most people who say they 'can't find jobs' is that they aren't really looking. They apply to 10-20 jobs a week and think that the minimal effort they've put into it with an outdated resume should net them a call back. You really need to be shooting for 100-200 jobs a week being applied for (at least in desirable sectors of business). As the sheer increase in candidates decreases your overall odds. You just need to play the game, and up your efforts.
So we can vote in more jackasses that do the same? smh
Nico- Not sure where you live, but in my neck of the woods there aren't 100-200 a jobs a week to apply to. You must live in a major city. Small town folks don't have that same option, and it is often not an option to move since it is so expensive.
...hold Mitt's feet to the fire, after his win, that he will actually enact his plan to balance the Federal budget and get Americans employed again....
It is American CEO's that are shipping good paying jobs to foreign countries and not President Obama. The greed of American CEO's are insatiable.
SPOT ON DeHon. The fools who'll vote for Romney will let the chickens/pidgeons-whatever fowl come home to roost.
Romney exports jobs/Obama creats!
It is American CEO's that are shipping good paying jobs to foreigh countries and not President Obaba. The greed of American CEO's are insatiable.
It is American CEO's that are shipping good paying jobs to foreign countries and not President Obama. The greed of American CEO's are insatiable.
I started to feel bad for the family that was struggling, until Jean stated that the mom didn't work! Seriously!?! Why doesn't she work? She could get a part time job so she could be home with the kids before and after school. Even if the part time job only made $15000 a year, it would help her family out. I just can't believe people.
Out of the 7 million people unemployed, 5 million don't want to work. Why should they? They get free medicaid (sp?) and food stamps.
Sometimes because of the cost of childcare it's counterproductive for a stay at home mom to work. Or at least until the child is old enough to attend school then she can get a part time or full time job.
Excuse me, but $15,000 a year is a full time job around here and you have to work at least 40 hours a week to get it. I am with the person who said that 2% of nothing is still nothing. I am not going to not make my house payment or not pay my utilities so that I can save for retirement. I have already cut back on food, haven't eaten out since 2008. I am wearing clothes that I bought 10 years ago. I am not sure where this 2% is supposed to come from.
Not sure why she doesn't work. The kids are already in school, so I am sure she could get a job working for a few hours. My family started with nothing and has worked their way out of poverty is the 50s'. It's hard, but people need to start taking personal responsibility and not buy stuff they can't afford. I moved to a nicer apartment, but cut out cable TV and got a cheaper phone plan. I also limit my eating out and clothing allowance because living in a nicer secure place was the priority. We each have to make out adjustments. I feel bad for this family, I can't imagine loosing your home, but but sure sounds like with only his job, four kids and a giant house it was just a matter of time before something went wrong.
The mom in the segment had school aged kids. She could get a job.
I have kids in daycare, I know how expensive it is. Between daycare and our family medical insurance, my paycheck is gone. But if we had to, my husband or I would get a second job to make ends meet.
granpuppy-sorry to hear $15000 is a full time job where you live. Here in Indiana you can be a manager at a gas station and start out at $30000. Just for an idea. (not being sarcastic)
I don't believe you, granpuppy. $15,000 a year is below minimum wage. Where do you live? And what job is that, anyway?
Jenifer your numbers are wrong about 58% of working age adults have a job.
It must be picking up Pine needles in Georgia.
$15,000 for a part time job? Really? I live in Iowa & I'm unaware of a part time job that pays that much...full time, yes, because sadly my husband lost his job & he had to take a $12000/year job & he works his tail off. Has anyone thought that maybe there are issues regarding the children? Probably not, because everyone has their self-rightious judgements & believes they have all the answers. If that's the case, why aren't any of you applying all your knowledge for the good instead of attacking? Oh that's right, because this is easier than getting off your pedestal & help! And I can say that because I DO help people who are struggling in life & the majority of you would be shocked to hear what people are actually dealing with in life. Just a bunch of simpletons who have all the answers!!!!
I know people that live paycheck to paycheck. They do stupid things like buy cigarettes and beer. Plenty of money for weed but no money to put in the bank.
I know what you mean. The cost of cigarettes alone is a huge expense. The first thing I would do if I smoked is stop smoking.
The author is clueless about what living paycheck to paycheck is all about. Saving is great, if you have something left to save. When you don't have enough to pay all your bills, automatically putting something in savings before you spend it isn't an option and will only make your situation worse. If the author thinks Americans should save more, that will require more jobs and better pay. CEOs, stop sending jobs overseas and pay your US workers a fair wage.
So sitting around bitching and waiting for someone to hand out jobs with better pay is the answer? If you can't pay your bills or plan for your future then you need to make career and lifestyle changes that enable you to do so.
For some that is job hunting.
Wow $20 per day for gas? Were is the school? crazy!
you can always tell a clueless liberal wrote this. let her spoiled middle class self try living paycheck to paycheck. her whole premise is based on you getting a money tree first. paycheck to paycheck is just that, no extra money and going without certain nessessities . so if you get a couple extra bucks their are many many many many things to spend it on.
I had a coworker who had an income of 130K and he was living very close to paycheck to paycheck. when his income drooped to 100K they lost every thing. Most of the time living paycheck to paycheck is self caused.
Lots of good comments here. I think the real issue is: are you living paycheck to paycheck because your entire paycheck goes towards rent, groceries, car pmnt, utilities, insurance, and other necessities; or are you living paycheck to paycheck because you bought a McMansion you didn't really need & couldn't really afford, have big-screen TVs all over that McMansion, have 3 cars, an iPad, an Xbox, a gym/pool membership, buy Starbucks every morning, and get a manicure every other week?
watch the show "Till Debt to us part" it will blow your mind on what people do and live paycheck to paycheck.
My family (hubby and 4 kids) and I were living paycheck to paycheck. We decided we weren't going to live this way any longer and made the hard choices to change our lifestyle. We started by using or tax refund money each year to pay off credits cards, car loans, etc. We also opened a saving account and have a set amount transferred each week. IT took a while and was tough but we now have no credit card debt at all. Cut all of our cards up. All of our vehicles are paid for and we owe less than 11,000.00 on out home. Which we will pay towards when tax season comes around. When we started this we cut out cell phones, satelite, going to dinner. It's a choice you have to make.
Good for you, April! You and your husband are doing exactly what I have done most of my life--dealt with adversity and found a way! Congratulations to you! Live long and prosper!
April I know what you mean. We paid off about 96K of debt over the paste three years now were saving to buy a house. it is amazing how much you can save when you don't have a minimum payment of 1,500 on just debt. If we paid the minimum we would not have it paid off till 2019.
April - you've also taught your children a valuable lesson. Good job.
I've become master budgeter in the last few years. I'm self employed and my income can vary greatly, making budgeting and saving a must. My income is down almost 25% so far this year, but I'm surviving.
I have also found a way to make credit cards work in my favor, and I'm really enjoying it. Here's how:
1. Pay for anything over $5 with my cash back credit card.
2. Deduct every CC purchase from my checking account on a spreadsheet, so I have all that money in the bank when the CC bill comes.
3. Pay the entire CC balance on the day it's due - which is usually 3 weeks after I get the bill.
4. Keep my money in a high interest checking account so I actually earn interest on what I owe on my CC bill. All the money set aside to pay my CC bill is earning me money.
5. Get cash back from my credit card and put it toward my kids' college fund. Never pay a dime in interest or fees from my CC.
I do live paycheck to paycheck.what that means is that I pay as many bills as possible each week...you now, the luxury things like electric and gas and water and mortgage and car insurance and what is left goes to feeding two kids. If I had any extra AT ALL each week, it would go to catch up on the bills that are behind because those all go up and my paycheck does not. I would love to get a second job, but since there is no father in the picture and I have no family, that is not an option or I would be paying more for daycare than any part-time job would pay. So what now? I take care of myself and my children and have NEVER been on public assistance.
Single mothers have it hardest of all, mom2two. Is there any way to refinance your mortgage, find cheaper car insurance, cut down on electric use? Is there any way to see if you DO qualify for some form of public assistance? You are the public, after all, and you deserve assistance just like anyone else. What about earning more? Ask for a raise? Work some overtime? Look for a better paying job? I'm sure it sounds completely overwhelming, but you are a FIGHTER, and I know you can make your way better. Don't overlook any option.
Single parent hood is one of the largest causes of poverty.
mom2mom - I feel your pain! If you haven't done so already, go through all your bills and see what can be cut or switched. Shop around for better deals on your car insurance (I found AAA to be the best), phone plan, mortgage, even your bank. Every time my income falls, I comb through my expenses and see if I can cut something. I've refinanced my house three times over 20 years and that has saved me a bundle. Switched my auto insurance and saved. Changed my phone plan. Downgraded my subscription to Dish network. These things take a chunk of time to do, but are well worth it.
Unbelievable article! Written by someone who never had to figure out how to pay the grocery bill and get enough gasoline. to get to work.
"And this “hourglass economy” is taken [emhasis added] its toll on savings accounts."
". . . is taken . . ."?
Do you mean ". . . has taken . . ."? Or do you mean ". . . is taking . . ."?
Who edits this stuff anyway?
Everyone should be watching THE SUZE ORMOND SHOW ON CNBC on Sat. night.
I wish she was around when I was in my 30's & 40' buying everything I saw.
How many of these people who go broke buy houses and must have granite counter
tops, three bathrooms, etc.. Why are there so many restaurants? Stop eating out
make it a once a month treat. A pasta dish that OG serves for $10 cost them $2.
to make, you can do it at home.
Why are there so many new car dealerships and jewerly stores and travel agencies?
Stop smoking, stop drinking and save the money, and your health, too.
When you get old you have a house full of crap and wonder who you can give it to.
Live a simple life and save for the future. Buy a treat now and then but no one
needs everything just because it's in a store.
I quit going into stores unless I absolutely need an item. Live within your means
and you actually get a good feeling about your ability to save and watch the
saving grow.
"When you get old you have a house full of crap and wonder who you can give it to."
Funny but true.
It's Suze Orman & if you've watched her since she started her show & when she had her radio show, she's the biggest hypocrite ever. She changes her suggests all the time. One example...owning a boat. First, she said people who own a boat have 2 good days, the day they buy it and the day they sell it. Now, since she owns one, she's all about owning a boat. And anyone who constantly refers to themself in 3rd person has an issue called narcissism!
It's all about the Benjamins!
Maybe she should go on a diet to save money on food!
And your comment is a great example of bullying. Isn't this something we are trying to teach our youth to NOT do? But I have to thank you because as a therapist, I'm constantly teaching my young clients about bullying and you just handed me a wonderful example to share with them how even adults can be so cruel.
That is life cold and cruel. you should teach them to get use to it.
safe and sound is not the american way, it's brave and dumb but at least you get to claim you are american.
Worked hard all our lives and saved and saved but crises swallowed up our savings. Now we are older and live month by month on ss and a tiny retirement....
If you have a good income save as much as you can and spend as little as possible. Do NOT use credit cards unless you can pay off the bill when it comes except in times of an emergency.
If you have a low income save wherever you can whenever you can and spend as little as possible. Do NOT use credit cards unless you can pay off the bill when it comes except in times of an emergency.
For those of much higher incomes, oh, well.... You are probably saving more money than many people earn... and my advice is meaningless....
what crises swallowed up your savings?