The ability to save

**smcc** · May 21st, 2008, 04:44 AM

I know everyone here is working to either obtain cards they desire, pay off debts to raise their credit score or ask questions about credit cards they already have. This is great on all levels but how about the ability to put money away? For all the baby boomers out there, while getting your credit under control how has saving for retirement been or for that matter just saving for a rainy day? How about the "GEN X" generation have you listened to the wisdom of your Grandparents and try to put something away no matter how small that amount might be?

The frightening thing is this, they say that most of society, not all mind you, are one to two paychecks away from being in trouble.

**KellBell** · May 21st, 2008, 06:35 AM

I save 20% of my paycheck into a 401k. That is the maximum. I also invested risky because I am 26 and don't have to make up for lost time. 20% is also the maximum you can put into a 401k.

I am only interested in loans and credit cards because I nutzed up my credit as a college student and when my husband and I went to buy a house, I couldn't put it in my name. At all.

I also have student loans to pay off. I've never missed a beat on them.

Anyway, you are correct in telling us that we should save. We should. I think most of the people here want to improve their credit scores. The only way Fair Isaac lets you do that is by maintaining credit cards.

But you are right, save save save...invest invest invest!

My thoughts would be to invest in sub-prime banks like First Premier! They have all the money with those retarded fees!

**hjm331** · May 21st, 2008, 09:23 AM

smcc, this is really good thread. People should save up money and not throw it away on material things all the time such as cars, clothes, etc.

Having money isn't guaranteed for the rest of your life, everyone has their ups and downs financially, of course. That is why it's a great idea to save your money and keep it for times like those so you won't fall flat on your face.

It's also a great idea to save money and put it away into a CD or money market because the banks pay you interest for stashing your money.

**happylady** · May 21st, 2008, 09:41 AM

Originally Posted by 100645

The frightening thing is this, they say that most of society, not all mind you, are one to two paychecks away from being in trouble.

This is so true!! I must admit I am one of those people...I try to save at least SOMETHING with every paycheck but sometimes the budget is stretched so thin that I just can't. I just pray everyday that I stay healthy enough to work because if something were to happen to me (God forbid) or I lost my job l would be in serious trouble!!

**smcc** · May 21st, 2008, 10:28 AM

I'm very proud to hear how everyone here is trying to do whatever they can to gain knowledge in the credit arena. People who have low credit scores are persistent in paying their bills on time and not taking out more credit than they need. Others who have good credit are looking to improve their score to or gain knowledge to get that elusive card they have always wanted. This is great!

I just hope and prey that when we all have accomplished our objectives in the credit arena that we have saved something along the way. The last thing I want for any of us is to have great scores (700+) and not saved anything only for something to happen and we have to use our great credit to cover some catastrophe instead of having something put away for emergency situations

Just a thought................Just a thought...............

**MsKiwi** · May 21st, 2008, 04:16 PM

After losing my job 2 years ago and having to start over, you bet I save. I hope I never have to see the day again where I pawn almost everything I own just to pay bills. It's been a very tough 2 years but you know the saying.........."What doesn't kill ya, makes you stronger". While that is true, I'd prefer to be a little less strong and have an easier go at it.

**AlbertDisuza11** · September 11th, 2012, 07:42 AM

Originally Posted by MsKiwi

After losing my job 2 years ago and having to start over, you bet I save. I hope I never have to see the day again where I pawn almost everything I own just to pay bills. It's been a very tough 2 years but you know the saying.........."What doesn't kill ya, makes you stronger". While that is true, I'd prefer to be a little less strong and have an easier go at it.

Well said. A successful person always learn from his last mistake. Same happened with me last year when I was not able to maintain my savings due to my extra expenses and within three months I realize that and I started saving again and maintain my all saving accounts.

**smcc811** · September 12th, 2012, 05:54 AM

You know I started this thread over 4 years ago ! I have re-read all the posts since then and although the economy is somewhat better than in Jan 2008, everybody is on the same page and doing what they can to save what they can. I wish good luck to us all in our attempts to save.......

**CentaurusFinancial** · September 27th, 2012, 11:33 AM

Originally Posted by AlbertDisuza11

Well said. A successful person always learn from his last mistake. Same happened with me last year when I was not able to maintain my savings due to my extra expenses and within three months I realize that and I started saving again and maintain my all saving accounts.

When I had faced a financial crunch a decade back when I had lost my job all I used to do was to pray to God to take me out of it sooner. But then a friend of mine made me recall the phrase God helps only those who help themselves. That was when I started cutting down my expenses, avoided buying lottery tickets, paying bills before the late fine is charged, made home made snacks instead of buying readymade snacks chips cookies and the like. Although these may not sound funny or unimportant they work wonders and contribute in the overall savings.

**hjm331** · May 22nd, 2008, 12:47 PM

MsKiwi, losing a job is never fun and it just stresses you out. I can't imagine losing mines as I have a car loan to pay and some credit cards. I can't see my truck getting towed away on account of re-po. I'd lose my mind! lol

**MsKiwi** · May 22nd, 2008, 11:55 PM

Originally Posted by 100379

MsKiwi, losing a job is never fun and it just stresses you out. I can't imagine losing mines as I have a car loan to pay and some credit cards. I can't see my truck getting towed away on account of re-po. I'd lose my mind! lol

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I cried when they came and got my Jeep. Huge blow to the ego, feeling like you have let your family down is the worst. Things have improved in the last year. I just have to keep doing the next right thing.

**hjm331** · May 23rd, 2008, 02:33 AM

MsKiwi, the worst part about that is what excuse are you going to come up with to tell your friends and family? You can't tell them that you car got repossessed, it's humiliating!

By the way, were you able to get approved for another car loan after the re-po?

**Eldarwen** · May 23rd, 2008, 07:04 AM

I am trying to save something, but it's very difficult to do when you have a budget that you have to rearrange.

**hjm331** · May 24th, 2008, 12:57 PM

Eldarwen, it's always a good idea to have one job to pay for your bills and have another one to save the money that you have coming in every 2 weeks. It might be a little hard, but it's definitely worth it when somebody in the family loses their job. At least, you won't be stuck out in the cold so to speak.