The Lessons
March 28th 2010 15:19
I'm one of those people who doesn't like to spend money one moment and is spending too much the next. Either way, I seem to save more than most of my co-workers and friends who are in more debt than they can handle. I hear hardship stories from various people I come in contact with. They live paycheck-to-paycheck and struggle when something unexpected comes up.
In April it will be 6 years since I went bankrupt. I am still debt free except for a car payment that has been very manageable so far. After the incident with my debit card, I've never activated or used one since. Instead I write checks or carry cash. I've hit hardships and I've learned. I also feel that I've beat the odds.
I'm going to compile a list of why I think people can't save, and it has but hasn't to do with the economy. The list is off the top of my head and in o particular order. Some are things I talked about in the past. Some may or may not apply to you.
1)Get rid or cut down on the vices
Maybe telling you to get rid of your vices all together makes you do them more. So how about cutting down? Some vices are actually addictions. If you have a problem you should seek help. You know you're in trouble if you are spending your last dollar on it and borrowing to feed the habit more.
If it's something like your daily coffee, eating out, shopping, etc., maybe doing it less will help.
2)Have a budget
You need to keep track of spending. If you see where every penny is going, you will see where you are wasting money.
3)Stop keeping up with The Joneses
Nothing good ever happens when you live beyond your means. Your debt will eventually overwhelm you. Credit cards and loans fuel the live-now-pay-later mentality. Use cash or layaway instead.
4)Use coupons
You'd be surprise at how much you save if you use coupons on the products you use. Also make a shopping list and look for deals at the stores. I cut down on my grocery bill by shopping mostly healthy foods that may be more expensive but make you eat less and lose weight. Wal-Mart may be a future alternative!
5)Know the difference between needs and wants
Do you really need an upgrade, new phone, new computer, etc.? In April my computer will be 10 years old and I still use dial-up. Soon it will be time to upgrade but I'm in no hurry. Compared to others, I saved thousands!
In April it will be 6 years since I went bankrupt. I am still debt free except for a car payment that has been very manageable so far. After the incident with my debit card, I've never activated or used one since. Instead I write checks or carry cash. I've hit hardships and I've learned. I also feel that I've beat the odds.
I'm going to compile a list of why I think people can't save, and it has but hasn't to do with the economy. The list is off the top of my head and in o particular order. Some are things I talked about in the past. Some may or may not apply to you.
1)Get rid or cut down on the vices
Maybe telling you to get rid of your vices all together makes you do them more. So how about cutting down? Some vices are actually addictions. If you have a problem you should seek help. You know you're in trouble if you are spending your last dollar on it and borrowing to feed the habit more.
If it's something like your daily coffee, eating out, shopping, etc., maybe doing it less will help.
2)Have a budget
You need to keep track of spending. If you see where every penny is going, you will see where you are wasting money.
3)Stop keeping up with The Joneses
Nothing good ever happens when you live beyond your means. Your debt will eventually overwhelm you. Credit cards and loans fuel the live-now-pay-later mentality. Use cash or layaway instead.
4)Use coupons
You'd be surprise at how much you save if you use coupons on the products you use. Also make a shopping list and look for deals at the stores. I cut down on my grocery bill by shopping mostly healthy foods that may be more expensive but make you eat less and lose weight. Wal-Mart may be a future alternative!
5)Know the difference between needs and wants
Do you really need an upgrade, new phone, new computer, etc.? In April my computer will be 10 years old and I still use dial-up. Soon it will be time to upgrade but I'm in no hurry. Compared to others, I saved thousands!
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