Perhaps saving now would be easier for many people, IF they made more
money now. Is that the main reason people in America are not
When it comes to saving money, most people will simply stop at nothing.
There are many excuses which some people defend as logical and
reasonable. People use these excuses not to save any money at every age
(or stage) in life.
Following are some comments consumers of all ages about why it is
difficult for them to save money.
Me save? Are you kidding? I am just getting my education. You
shouldn't expect me to be able to save anything now. Besides, I am
younger and want to have a good time. When I finish college and start
my career, I'll start saving.
You don't expect me to save now, do you? Remember, I have only
been working for a few years now. Things will be looking up soon, then
I will be able to save. Right now, it is important to dress well in
order to make good impressions. I'll wait until I am a little older,
there is plenty of time to save, isn't there?
How can I save now? I am married with children. Why I have never
had so many expenses in my whole life. Perhaps when the children are a
little older, I can think about savings.
I wish I could save now. But, I just can't do it. Two of my
children are in college now and it is taking every cent and more just to
keep them there. I have had to go into debt these past few years to
meet college bills. But, that won't last forever, and then I'll start
I know I should be saving now. Money is still tight. It is not
easy for people my age to better themselves. About all I can do is hang
on and maybe something will happen to change the circumstances. Why
didn't I start to save 30 or 40 years ago? Like I said, something might
Ages 65 and above
It is too late to save now. We are living with our oldest child.
It isn't nice, but what else can we do? I have my Social Security, but
who can live on that? If I had only saved when I had the money. You
can't save after there is no income.
Everyday Spending Decisions Shape Your Savings Growth
Answer seven questions and get a snapshot of your spending
1) Always set aside at least ten percent of income for savings and
investing using the payroll deduction method.
Sometimes I manage to put some money aside.
2) Always contribute maximum amount to employer sponsored pension plans
in order to get the maximum contribution from employer every year.
Contribute some, but not sure if my employer even
3) Always use manufacturer's and retailer's coupons when possible and
send in for rebates.
Use only instant rebates and coupons, otherwise
no time to clip them out.
4) Always look over sale flyers and comparison shop before I spend,
especially for food.
Occasionally I stop in at a place and I will get
the money saving special.
5) Always comparison shop motor vehicle and household insurance
policies when they come up for renewal.
Policies automatically renew, never thought to
6) Always pay credit and charge card purchases in full when the
statement arrives and never pay interest charges or penalty fees of any
Sometimes I take up to two, three, six or 12
months to pay off purchases, but never calculated the extra costs.
7) Always keep banking and other receipts, even for smaller
purchases, and note on them the details.
My important receipts are on my credit card
bills, otherwise, unless I will get reimbursed for the expense by
somebody else, I pitch everything else.
Scoring: 100% = 7 yes answers
A wise spender you are and a spender mentor you should become.
You are right up there with the minority, however, how much would
the money you could save, in the question you answered no to, be worth
in 12 months if you invested it?
Getting close, but no big savings payoff yet because you may still
be missing out in the areas of the questions you answered no. If you
want your assets to grow, look for saving in every area of your
You are past the half way mark, however, if you do what you have
always done, you will always get what you have now. Time to change some
spending habits if you want to see a brighter financial future. If
credit cards are your bane, try something that will remind you about the
dangers of spend, spend, spend, like credit card warning labels and
protection sleeves with anti spend messages for your credit / debit
Get off the money-merry-go-round! You are probably living from
paycheck to paycheck or earning upwards to $100,000 a year and have
little or nothing to show for it. Poor spending practices must be doing
you in. If you need a quick shot in the wallet, the average household
spends 30 cents of every take home dollar on household and grocery
items. You can make a big impact there the next time you go to the
When it comes to saving money, you must stop at nothing. Kick it up
a few notches, you will be amazed at the results. You have an obligation
to be as good to the person you are going to be in 20, 30 or 40 years as
you are to yourself today. Start saving and spending with your future in
What is that smell? Smoke from your credit cards being overused? Put
them in a glass of water and freeze them solid. If you aren't in credit
counseling or bankruptcy court, both could be right around the corner.
Outside intervention is what you need now. And start looking for a
spender mentor, quick.
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