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.

**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

-------------------

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.

**Eldarwen** · May 24th, 2008, 08:44 PM

I am looking for a secondary job, but I am having trouble with trying to get a consistant schedule out of one job so I can have another.

**Rockin35** · May 25th, 2008, 09:39 PM

ORIGINAL POST EDITED
Lets Be Mindful

Lets be mindful, most of us in this Forum are not "slowly" paying off debt because it is a choice. If I had more money and made a decent income, I would save more and pay more. If I could put 25 percent into my 401K instead of 8 perecent I would. Some of us just have little to no addtional money to save anything.

Just my take.....

Rockin35!

**smcc** · May 26th, 2008, 06:30 AM

Hey Rockn35, Please don't take offense, the thread is not mean't that you should save more just to put anything you can away for a rainy day. Your right we all have obligations other than our credit cards, but sometimes we put saving on the back burner and if you could put anything away its still better than putting nothing away. The thread isn't about saving more, its just saving in general. I apologize if you found offense to what I was trying to say

**Meya** · May 26th, 2008, 11:13 AM

Hi smcc and Rockin35, I see a good conversation here on both sides and I am pretty sure that rockin is not taking the situation at hand offensive. Acutually, I see what both you and she is talking about. You both are correct, saving, WHEN YOU HAVE IT, is a good thing to do depending what your finances are like and how many people are saving with you (ie. spouse). Some individuals here are set well with savings because they either, reside with their family or friends, not paying mortages, cheaper housing costs (or paid mortgage), or have a significant other with good income (or both). It can be a numerous reason why someone else is able to save over others.

In this day and life, you are not going to find too many people able to save a dime, just have to focus on paycheck to paycheck. For instance, my husband contract is over on his job and I have seen these guys laid off for as long as 4 months. Unemployment wont cut it in my household. So I may have to dig into our savings for our children to make a backup plan happen. This is not the first time it has happen, and it wont be the last.

I salute to anyone who are paying low balances on bills by force because that shows true dedication and management to stand up and face life. Let's look at the worst side, some will have to fall short of paying any bills because times are getting rougher and rougher by the minute.