Who puts money into their savings (when we have jobs)

[AngieChick]

Quote:
Been there, it gets better. Just whack away at those credit cards as much as possible. They are evil. Student loans for us are last, because the interest rate is so low and the balance high. It seemed like as soon as we'd scrimp and save and have a bit in the account something nasty would happen out of the blue.

like clockwork.

 

[azelgin]

We put money in savings, sort of. Everything left in the checking account at the end of our bill paying cycle goes in there. If, it doesn't get used for any of next months bills, it goes against our HELOC. That is the only money we have borrowed. We don't have a standard 15~30 year mtg. When a major item comes along, we take a draw against the house. Our LTV is at about 25%, so we have a lot of equity we can borrow against. If everything that could possibly go wrong ever should, we would sub-divide the acreage and sell off a parcel or two. Boats, motorcycles, 4 x 4s, RVs, tractors, trailors, equipment, guns and tools would go first. Next she would sell me and lastly the mules and chickens. The wife used to have a nice amount in her 401k, but you know how that is these days.

 

[debilorrah]

I wish I could say we do, but recent circumstances have left us paycheck to paycheck.

 

[Backyard Buddies]

Quote:
Ouch! That's $24,000 that got you, well, pretty much nothin'. I'm going to check out that Frontline. Although I've been out of debt for years, I think it's always helpful to understand these things.

To those of you struggling through these tough times right now, this is the perfect time to sit down and write out your income and expenses. I didn't mention this one before, but we found all kinds of ways to save money to put more in our pocket to help get out of debt. Change insurance companies if you find one that's less expensive, raise your deductible and set aside the difference in the bank, cut out the medical portion of your car insurance if you already have medical insurance. Turn down the thermostat a few degrees. Do you routinely have several hundred minutes left over at the end of the month on your cell phone? If so, look into a smaller plan. Do you really need movie channels with your cable? Do your grocery shopping by the sales and use that to plan your meals. Stock up on things that are severely discounted so that you don't pay 3 times as much later. Wouldn't it be better to have 3 boxes of cereal for a total of $6 than one at $5? Use coupons on things you would already buy (but skip the junk you don't need anyway). Eat at home rather than at a restaurant. On the Hey Grandpa thread, I chronicled my Great Steak Fest where I got a tray of steaks for $11 and managed to stretch it into 18 servings for a total of 61 cents a serving. Beat that eating out!

Rent a movie rather than going to the movies. Better yet, check one out from the library.

It doesn't have to be all work and no play. I think it's important to splurge here and there, but within the guidelines of the goals you hope to achieve.

And you know what, share with others where you can. Some of you probably have extra eggs that could be the only protein your neighbor gets that day. And, should someone offer you a gift from their garden, be grateful and receive it with the good intentions that came with it. We all have so much to be grateful in these tough times, but it can be made a lot easier if we all band together to make it through.

 

[EweSheep]

No savings except DD's for her college.

Credit cards are BAD, I had to file bankruptcy and ain't fun but I dont miss having them. Glad to have the freedom of "dont have the money, do without" or "wants and needs"

I had to cash in my 401K plans for down payment on house and van just after my bankruptcy. Now I got to wait another five years....it has been five years since then.

Hubby and I vowed NOT to have any credit cards except for one, for emergency use only like needing a new water heater or furnance or broken window replacements. One credit card is all we have.

I dont think we will be sit alright in our retirement years but hopefully the house would be paid off in twenty five years!